Shell plc

Northern Lights, the carbon capture and storage joint venture owned by Shell, Equinor and TotalEnergies, has signed a new customer agreement with Oresundskraft Kraft & Varme, owned by the City of Helsingborg. Under the deal, CO2 will be captured and liquefied at Oresundskraft's Filbornaverket waste-to-energy plant in Helsingborg, Sweden, trucked to the Port of Halland in Halmstad, then shipped to Northern Lights' receiving terminal in Oygarden, Norway, for permanent storage in a reservoir roughly 2,600 meters beneath the seabed. Northern Lights will provide transportation and storage for up to 200,000 metric tons of CO2 per year, with operations targeted to begin in the fourth quarter of 2029 subject to agreed conditions. Oresundskraft becomes Northern Lights' second Swedish customer after Stockholm Exergi, and the seventh industrial customer overall across four countries. Northern Lights, described as the first of its kind to enable cross-border CO2 transportation and storage, completed its first CO2 injection in 2025, marking the start of commercial storage activity.

TC Energy Corporation has announced that Coastal GasLink Phase 2 will proceed after LNG Canada and its joint venture partners reached a positive final investment decision on the expansion of the LNG Canada facility, satisfying the conditions tied to TC Energy's previously approved conditional FID for the project. The existing Coastal GasLink pipeline transports about 2.1 billion cubic feet per day of natural gas, and Phase 2 is expected to nearly double that capacity through new compressor stations and facility upgrades along the existing 670-kilometer route connecting Dawson Creek with the LNG Canada liquefaction facility in Kitimat, British Columbia. Shell plc, through its affiliate Shell Canada Energy, took a final investment decision on the second phase of the LNG Canada project in Kitimat, clearing the way for an expansion that will double the facility's production capacity to 28 million tons per year from 14 million tons. The project will follow an integrated delivery model, with LNG Canada serving as the Phase 2 Execution Manager while Coastal GasLink remains the pipeline's owner, operator and permit holder, a structure designed to limit Coastal GasLink's capital commitments and exposure to construction cost and schedule risks. Construction of Coastal GasLink Phase 2 is expected to begin in early 2027, with the project anticipated to enter service in the early 2030s.

Mitsubishi Corp announced on the 29th that it has decided to invest in expanding the production capacity of the LNG Canada liquefied natural gas production facility in western Canada. Investing jointly with partner companies including British oil major Shell, Mitsubishi Corp's project spending will come to about 500 billion yen. By expanding liquefaction facilities, the company aims to raise production capacity to 28 million tons per year, double the current level, in the early 2030s.

Shell plc announced its 19th consecutive quarterly share repurchase of at least $3 billion, supported by robust cash generation and a sharp sequential drop in net debt from $52.6 billion in the first quarter to $41.75 billion. The company paid out 44% of its operating cash flows to shareholders over the prior 12 months and delivered $9.84 billion in adjusted earnings in the second quarter of 2026, its second-highest quarterly figure to date and more than a 100% increase from the same period last year. Its subsidiary Equilon Enterprises LLC, which operates as Shell Oil Products U.S., will raise its stake in Tri Star Energy from 33% to 100%, more than doubling Shell's company-owned convenience retail presence in the U.S. with 320 added fuel and convenience retail sites. On the risk side, Shell's Pearl gas-to-liquids facility in Qatar has remained shut since March after an attack damaged the site, disrupting operations that account for roughly 10% of the company's oil and gas production, while a potential sale of its U.S. chemicals business for up to $8 billion would come at a steep discount to the $14 billion invested in the Monaca, Pennsylvania facility. Institutional exposure rose modestly, with 49 hedge funds holding positions at the end of the second quarter of 2026 versus 45 in the prior quarter, and short interest stood at 3.16%.

Shell plc and its partners in the LNG Canada export project could reach a final investment decision on a Phase 2 expansion as early as October, according to a Reuters report on September 17. The proposed expansion would add 14 million metric tons per year of LNG export capacity to the facility in British Columbia, effectively doubling the project's total capacity to 28 mtpa. Shell holds a 40% stake in LNG Canada, making it the largest shareholder and lead backer of the joint venture, whose first phase cost C$40 billion and shipped its first cargo earlier this year. The expansion would also fit Shell's broader Canadian strategy following its $16.4 billion acquisition of ARC Resources, which boosted its production by 370,000 boed. The project remains unapproved, and Shell said any decision will weigh competitiveness, affordability, government support and stakeholder needs, amid concerns over weakening Chinese LNG demand and a potential global supply glut.

Wison New Energies unveiled a floating data center concept at the Gastech 2026 conference in Bangkok, pairing its Floating Storage Regasification to Power technology with modular data-center infrastructure on a single offshore platform. The Floating Power Data Center, or FPDC, stores and regasifies LNG onboard and converts it directly to electricity for onsite computing racks, and the company is examining whether cold energy released during regasification could help cool the servers. The concept responds to mounting constraints on land-based data centers in the U.S., including multi-year grid interconnection queues, water-cooling objections and scarce land near metro and fiber hubs, as well as political backlash such as Texas Governor Greg Abbott's August directive to pause the state's data center permitting process pending a review of water and energy usage. Wison's most recent proof point in offshore execution came this summer, when it signed the EPCIC contract for the Baleine Phase 3 FPSO serving Eni's offshore field in Côte d'Ivoire, a nearly 308-meter facility designed to process 90,000 barrels of oil a day. At Gastech, Wison also signed a collaboration agreement with Shell to integrate Shell's Dual Mixed Refrigerant liquefaction technology into its floating LNG portfolio, the first time the process will be available across the wider FLNG market, and a strategic memorandum of understanding with Houston-based KBR covering engineering, advisory services and integrated project solutions. Norway's DNV granted the world's first FLNG ABATE Notation FEED Approval for Wison's Low Emission FLNG, and the Houston-headquartered American Bureau of Shipping granted Approval in Principle for Wison's Floating Storage and Regasification Unit design for ammonia.

Shell plc and Trinidad and Tobago's National Gas Company have finalized commercial agreements covering natural gas supplies from the Aphrodite offshore field, clearing a major hurdle that had delayed the project. NGC chairman Gerald Ramdeen said the finalized terms significantly improve the project's economics for the state-owned gas company, providing 400% more value to the country than the terms previously negotiated. The Aphrodite development is expected to deliver its first gas in the second quarter of 2027, with NGC's pipeline and gas infrastructure transporting the field's production to the domestic market. The additional supply is meant to help Trinidad and Tobago offset years of declining natural gas production that has weighed on LNG exports and contributed to the closure of several petrochemical facilities, supporting downstream operations and commitments to power producers, industrial customers and Atlantic LNG, where Shell owns a 45% stake. The agreement is part of a broader Shell effort to strengthen the country's gas supply, including cross-border opportunities involving Venezuela and exploration of the Loran offshore gas field, a transboundary resource shared with Trinidad and Tobago that would tie subsea wells back to the Manatee platform.

HSBC upgraded BP and TotalEnergies to Buy from Hold on Friday, raising earnings and cash flow estimates across its global oil coverage after lifting its Brent crude, refining margin, and gas price forecasts. Analysts led by Kim Fustier raised their 2026 Brent assumption to approximately $90 per barrel from $80, and their 2027 forecast to $85 from $65, citing a partial, gradual recovery in Strait of Hormuz flows, while also raising the second-half 2026 TTF gas price forecast to $22.5 per million British thermal units from $16.7 and the 2027 forecast to $17 from $12. The revisions lifted HSBC's 2026-28 earnings-per-share estimates across the sector by averages of 19%, 65% and 33%, respectively, with cash flow per share estimates rising by averages of 12%, 30% and 14%, and the largest revisions falling on international majors given their combined upstream, refining and trading exposure. For BP, HSBC raised its price target to 640 pence from 570 pence, implying nearly 18% upside, and for TotalEnergies it raised its target to €93 from €80, implying 18.4% upside. HSBC retained Buy ratings on Shell, Repsol and Chevron, raising Chevron's price target to $250 from $218 and expecting it to lift its annual buyback run rate to $15 billion from $10-12 billion, while Eni, Equinor, Galp and ExxonMobil stayed at Hold and OMV remained at Reduce.

Constellation Energy Corporation announced on September 10, 2026, an agreement to acquire 100% of RISEC Holdings, LLC, owner of the Rhode Island State Energy Center, from Shell Energy North America, a subsidiary of Shell plc, for $715 million. The 609-megawatt natural gas-fired combined-cycle facility sells power into the ISO New England wholesale market, and net of expected first-year tax benefits the effective purchase price is approximately $580 million. Constellation said the acquisition should be immediately accretive to operating earnings while meeting its 10% unlevered return threshold and preserving its $5 billion share buyback program. For Shell, the disposal is part of portfolio high-grading, freeing cash to support capital returns, structural buybacks, and higher-margin investments. Constellation gains dependable regional capacity alongside its nuclear fleet, though it takes on added debt and merchant gas exposure to commodity and power price swings.

Chevron and Egypt are seeking to accelerate agreements needed to connect Cyprus' Aphrodite gas field to Egyptian infrastructure, as Cairo looks to strengthen its role as an Eastern Mediterranean gas hub. Egyptian Petroleum Minister Karim Badawi held talks with Chevron executive Javier La Rosa this week, with discussions focused on finalizing the technical, financial and commercial frameworks required to move the project forward, and on expanding Chevron's gas exploration activities in Egypt's Mediterranean waters. Egypt said in March that technical and legal teams were already preparing key agreements for linking the field to Egyptian infrastructure, potentially allowing its gas to be processed and re-exported to international markets. Discovered in 2011, Aphrodite lies in Cyprus' offshore Block 12, around 170 kilometers southeast of the island, and Chevron operates the field with a 35% interest alongside Shell and NewMed Energy. The field contains an estimated 3.5 trillion cubic feet of gas, and Cyprus approved an updated development plan in 2025 involving a floating production unit and a subsea pipeline connecting Aphrodite with Egypt. The project forms part of a broader effort to funnel Eastern Mediterranean gas through Egypt's extensive processing and LNG infrastructure, with Egypt also working to connect other Cypriot discoveries, including Eni and TotalEnergies' Cronos project and discoveries operated by ExxonMobil and QatarEnergy.

Shell plc has completed the sale of its interests in two Gulf of America assets, with subsidiary Shell Offshore Inc. divesting its 50% non-operated working interest in the Na Kika platform and associated fields along with the 100% owned Coulomb tieback. The assets were acquired by a subsidiary of Talos Energy and an affiliate of Ridgewood Energy, and Shell received approximately $840 million in cash proceeds at closing, reflecting adjustments between the transaction's July 1, 2025, effective date and closing. The transaction was initially announced in June 2026 with total consideration of $1.7 billion before customary adjustments and certain contingent payments, and Shell will also receive uncapped upside-linked payments through 2027 plus overriding royalty interests on production from new Na Kika tiebacks. The assets generated a Shell entitlement share of approximately 37,000 barrels of oil equivalent per day in 2025, and at the end of 2025 Shell had proved reserves of 4.3 million barrels of oil equivalent at Na Kika and 7.2 million boe at Coulomb. Shell described the deal as part of its portfolio high-grading strategy, noting Na Kika is nearing the end of its life, while buyers assume certain decommissioning obligations and Shell Trading US Company retains offtake rights through negotiated agreements.

Canada's oil patch has recorded over $30 billion in mergers and acquisitions so far this year, with Wall Street projecting the final tally will surpass the $53 billion recorded in 2017. The wave is being driven by high oil and asset prices amid the Middle East conflict rather than distressed selling, said Raj Singh, CEO at Calgary-based Fuelled Inc. The year's highlight has been Shell's $16.4 billion takeover of Arc Resources, which adds 370,000 barrels of oil equivalent per day to Shell's output and lifts its projected annual production growth rate from 1% to roughly 4% through 2030. In another deal, Tamarack Valley Energy and Headwater Exploration announced an all-stock merger valued at C$10 billion, or $7.25 billion, creating the largest publicly traded pure-play Clearwater oil producer with expected production exceeding 80,000 barrels of oil equivalent per day. Carlyle also formed Avenrock Energy to acquire Calgary-based Parallax Energy Operating Inc. from Carnelian Energy Capital, a deal analysts believe cost around $1 billion, marking its second multi-billion-dollar push into Alberta's energy sector in 12 months after its roughly $1.4 billion acquisition of Kiwetinohk Energy Corp. in October.

Shell has agreed to acquire Canadian producer ARC Resources Ltd. in a major oil and gas dealmaking move. The transaction lands during a record-setting year for Canadian energy M&A activity that is reshaping the sector's ownership base, and it expands Shell's footprint in North American hydrocarbons while adjusting its portfolio exposure to Canadian assets. The deal fits Shell's strategy of high-grading its portfolio, swapping out smaller or non-core businesses such as retail and renewables platforms for a large Canadian resource base that can feed its LNG Canada ambitions and integrated gas trading. The pressure point sits on the risk side, where analysts already highlight Shell's reliance on oil and gas and LNG market uncertainty versus peers like BP and TotalEnergies, and folding in ARC during a Canadian consolidation boom increases exposure to commodity and policy swings in one country. The pay-off now depends heavily on execution, cost control and how LNG pricing actually evolves.

Oil and gas private equity deal count fell 60% quarter-over-quarter in Q2 to just 16 deals, worth $3.4 billion, as investor confidence was hit amid ongoing price volatility. Of those deals, just three were new platform buyouts, according to PitchBook's Q2 2026 Oil & Gas Report, with the rest secondary buyouts, tuck-ins or carveouts as firms managed existing holdings rather than deploying fresh capital. The largest deal was CPP Investments' $1.2 billion growth investment in Texas-based gas and LNG platform Caturus, while Paris-headquartered Antin Infrastructure Partners took the third-largest spot with its $164.5 million acquisition of Texas-based Sapphire Gas Solutions, bought from Apollo funds through Flagship Fund V. The $39 billion in M&A deal value marked a 20.3% QoQ drop, though on an annualised basis 2026 deal value is tracking 10% ahead of 2025, and the three largest M&A transactions of the quarter all involved companies headquartered in Calgary, Alberta: Shell's $16.4 billion purchase of ARC Resources, GFL Environmental's $4.6 billion acquisition of Secure Energy Services, and Keyera's $3.9 billion buy of Plains Midstream Canada. The report also noted that the continued closure of the Strait of Hormuz has drawn OECD government oil inventories down by 163 million barrels to their lowest level since 1990, while the UAE ended its OPEC and OPEC+ membership on May 1 and a widening Red Sea conflict threatens the Bab el-Mandeb Strait, the Suez Canal and the SUMED pipeline.

Shell plc-led LNG Canada is reportedly moving toward a Phase 2 expansion, with partners potentially reaching a final investment decision as early as October. The proposed expansion would add 14 million metric tons per annum of LNG export capacity, effectively doubling the facility's total capacity to 28 mtpa from the 14 mtpa produced by the two processing trains of the first phase, which cost about C$40 billion. LNG Canada is a joint venture led by Shell and backed by Petronas, PetroChina, Mitsubishi Corp and Korea Gas Corp, located in Kitimat, British Columbia, and is Canada's first large-scale LNG export terminal. Shell said discussions with its venture partners are continuing on potential pathways for the expansion, and any decision will take into account competitiveness, affordability, government support and stakeholder needs, with the final investment decision targeted before the end of 2026 subject to commercial, fiscal, regulatory and governance requirements. By the second quarter of 2026, LNG Canada had delivered more than 100 cargoes and reached full capacity, contributing to a 17% year-over-year increase in Shell's first-half 2026 LNG liquefaction volumes, and Shell expects a potential Phase 2 investment to add another layer of free-cash-flow growth in the 2030s.

Morgan Stanley upgraded Shell plc from Equal Weight to Overweight on September 3 and raised its price target from $81.60 to $101.30, implying 9% upside and exceeding Shell's previous record high of almost $95 per share. The bank named Shell a top pick, saying concerns about the company's long-term resource longevity have eased and that it can sustain production growth through 2030 and stabilize output thereafter. Shell completed its $16.4 billion acquisition of ARC Resources earlier this month, a deal that expands its gas reserves and boosts production by 370,000 boed, though it was paid for mostly in shares, creating dilution risk for existing holders. Shell also agreed to acquire a 30% interest in BP's Conifer exploration prospect in the US Gulf and a 50% stake in the Tupinamba exploration block in Brazil's Santos Basin, and signed a preliminary agreement for production rights over Ghana's South Deepwater Tano Cape Three Points oil and gas block. The company beat second-quarter top-line and bottom-line estimates, more than doubled its net profit year over year, and delivered around $700 million of structural cost reductions in the first half of 2026, taking total savings to $5.8 billion since 2022.

Shell warned that the global energy market is running through its remaining cushions after losing roughly 36 million metric tons of LNG and 1.6 billion barrels of crude oil and condensates since the Middle East conflict began. The company's chief economist said weaker Chinese demand, inventory drawdowns, flexible shipping, spare pipeline capacity and rising production from the Americas helped soften the first wave of disruption, but that protection is thinning. Even if key energy routes reopen, damaged infrastructure and supply-chain bottlenecks could keep the market tight well into 2027, while Europe heads toward winter with unusually low gas inventories. Shell's LNG portfolio, shipping reach and global trading network could gain strategic value in that environment, though high prices cut both ways, as Asian buyers have already shifted toward coal, nuclear power and domestic gas. Shell's U.S. shares were nearly flat at $95.51, a 15.21% premium to a GF Value estimate of $82.90.

Shell closed at $98.95, up 2.59% from the previous session, outpacing a 0.45% decline in the S&P 500, a 0.63% drop in the Dow and a 0.78% fall in the Nasdaq. Ahead of its upcoming earnings release, analysts expect Shell to post earnings of $2.85 per share, a 53.23% year-over-year increase, on revenue of $88.96 billion, up 26.34% from the same quarter last year. For the full year, the Zacks Consensus Estimates anticipate earnings of $10.84 per share and revenue of $382.93 billion, shifts of +72.06% and +39.89% respectively from last year. Over the last 30 days the Zacks Consensus EPS estimate has risen 4.58%, and Shell currently carries a Zacks Rank of #3 (Hold). The stock trades at a Forward P/E of 8.9, in line with its industry average, and a PEG ratio of 0.82 versus an industry average of 0.68.

Shell plc has signed a new multi-year sale and purchase agreement to supply liquefied natural gas to MET International, the trading and wholesale arm of Swiss-based MET Group, drawing on Shell's U.S. LNG portfolio. The deal builds on a 10-year free-on-board LNG purchase agreement the two companies signed in July 2024 and a memorandum of understanding signed earlier this year in Washington, D.C., to explore additional LNG supply and trading opportunities aimed at enhancing Europe's energy security; the new SPA is one outcome of that cooperation. MET has emphasized the growing importance of U.S. LNG for its business, noting that contracts indexed to the U.S. Henry Hub benchmark can offer an alternative to European gas benchmarks and help diversify pricing structures. Shell says its LNG business was involved in around 16% of global LNG demand in 2025 and holds approximately 44 million tons of equity LNG capacity, and it expects global LNG demand to rise around 65% from 2025 levels to nearly 700 million tons annually by 2050, with U.S. exports projected to nearly double by 2030. Financial terms and LNG volumes were not disclosed.

Ultra-high-net-worth investors and family offices are increasingly moving into oil and gas assets, drawn by high energy prices triggered by the war in Iran and rapidly growing energy demand from the AI boom. According to Bank of America's Andrew Dock, family offices are taking a keen interest in infrastructure assets such as pipelines and export facilities, telling CNBC that this is "not a cyclical play" but "a structural shift." The shift comes as oil and gas merger and acquisition spending reached a two-year high in the first half of 2026, according to Wood Mackenzie, led by Devon's $25 billion merger with Coterra Energy and Shell's $16 billion acquisition of ARC Resources. Cody Carper, a partner at law firm Baker Botts, told CNBC that family offices can still carve out niche investments, such as a $30 million non-operated asset that is undervalued because few buyers focus on that band of value. Commodity trading houses and hedge funds are also crossing over into physical U.S. shale assets, with Swiss trader Gunvor Group in early-stage talks to acquire natural gas assets in the Haynesville shale basin from Silver Hill Energy Partners for $1.2 billion to $1.5 billion, while Ken Griffin's Citadel expanded into upstream energy last year by acquiring Paloma Natural Gas in a deal valued at about $1.2 billion.

Oil prices jumped Monday after Saudi Arabia closed its East-West pipeline following drone attacks by Yemen's Houthis, with Brent North Sea Crude up 3.0 percent at $107.71 per barrel and West Texas Intermediate up 2.9 percent at $102.90. US average diesel prices hit a new record high above $6.0 a gallon, reaching $6.23, as markets priced a 92 percent probability of a Federal Reserve rate hike on Wednesday. Anthropic CEO Dario Amodei called on AI firms to slow development of the technology, adding to a selloff in tech stocks that sent Tokyo-listed SoftBank down more than 10 percent and chipmaker Kioxia down more than six percent, with SK hynix, Samsung and TSMC also sharply lower. European markets were mostly lower around midday, though London's FTSE 100 rose 0.7 percent to 10,727.07 points on gains for Shell and BP, while Paris's CAC 40 fell 0.8 percent and Frankfurt's DAX lost 0.5 percent. Russ Mould, investment director at AJ Bell, said oil and AI fears were causing a double headache for investors, compounding inflation worries stoked by last week's elevated US consumer price index data.

Shell plc is reshaping its U.S. power portfolio through two natural gas-fired generation transactions, with its subsidiary Shell Energy North America (U.S.), L.P. agreeing to acquire 100% equity interest in Hunlock Creek Generating LLC while selling its interests in RISEC Holdings, LLC to Constellation Energy Generation, LLC for $715 million. The Hunlock acquisition adds 169 megawatts of natural gas-fired capacity in Pennsylvania, comprising a 125-MW combined-cycle plant and a 44-MW simple-cycle peaking plant, and strengthens SENA's presence in the PJM Interconnection market, which spans 13 states and the District of Columbia and serves more than 65 million people. The RISEC sale covers a 609-MW, two-unit combined-cycle gas turbine plant serving the New England market, where SENA has held an energy conversion agreement for the plant's full output since 2019; that agreement terminates upon closing. Both transactions are subject to regulatory approvals and are expected to close in the first quarter of 2027, with Shell expecting the Hunlock acquisition to generate returns above the investment requirements set for its power business at its 2025 Capital Markets Day and the RISEC sale to produce a significant gain. Andrew Smith, Shell's president of Trading & Supply, said the moves reflect selectively investing in assets that strengthen market position while remaining prepared to realize value when conditions are favorable.

Australia will relax a proposed rule that would have forced natural gas exporters to reserve 20% of their production for the local market, replacing the fixed requirement with an annual cap based on demand. Energy Minister Chris Bowen said the country's energy regulator will set the amount each year, based on a rolling five-year demand forecast with an added 10% supply buffer. Previously, the government had said it would require exporters to set aside 20% of annual output with no allowance for flexibility. The start date will also be pushed back by six months to January 1, 2028, with existing export contracts unaffected by the policy, and the bill is expected to be submitted to parliament later this year. The three LNG export projects on Australia's east coast operated by Santos, Shell, and Origin Energy would be most affected by the new reservation scheme, according to Reuters, with Santos operating the Gladstone LNG plant in Queensland and, of the three main east coast producers, being the only one that does not supply significant volumes to the domestic market.

Shell plc signed an agreement to raise its ownership of Tri Star Energy, LLC from 33% to 100%, taking full control of the regional fuel and convenience retailer. The deal would add 320 company-owned fuel and convenience locations across Tennessee and neighboring states, plus supply agreements with 552 dealer-owned locations. After closing, Shell expects its Mobility & Convenience US portfolio to include nearly 550 company-owned convenience sites and supply agreements with approximately 650 dealer-owned locations. Completion is expected by the end of 2026, subject to regulatory clearance and other closing conditions, and Tri Star will be operated by Texas Petroleum Group, LLC, a wholly owned subsidiary of Shell Mobility & Convenience US LLC. Shell did not disclose the consideration, Tri Star-specific EBITDA, expected incremental cash flow, capital requirements or synergy assumptions, saying only that the projected internal rate of return exceeds the marketing business's hurdle rate, which was also not disclosed.

Oil prices crossed back over $100 per barrel on Wednesday for the first time since July, driven by escalating geopolitical tensions. US Central Command struck five Iranian crude oil tankers, the second such attack in two days, while Houthi attacks in Saudi Arabia and the Russia-Ukraine war also threaten supply. Although crude oil is still flowing through pipelines and dark transfers, with Strait of Hormuz volumes at two-thirds of pre-war levels, refineries are already running near capacity, and Ukrainian strikes on Russian refineries have cut into diesel exports. As a result, US gasoline prices hit all-time highs for Labor Day, and diesel prices are approaching $6 for the first time ever. The impact on consumers could be twofold: higher inflation may push the Fed to hike rates, and consumers may adapt by reducing travel and spending.

Shell plc announced that on 08 September 2026 it purchased a total of 725,000 shares for cancellation as part of its existing share buy-back programme, which was previously announced on 30 July 2026. The purchases were executed on the London Stock Exchange and Euronext Amsterdam, with 500,000 shares bought on the LSE at a volume-weighted average price of £35.0838 per share, and 225,000 shares bought on XAMS at a volume-weighted average price of €40.9665 per share. Goldman Sachs International is making trading decisions independently of the Company for the programme, which runs from 30 July 2026 to 23 October 2026. The buy-back is conducted under the Company's general authority and in accordance with UK and EU market abuse regulations.

Kazakhstan has suspended efforts to collect a $5.06 billion environmental fine from the Kashagan oil consortium, according to Interfax, easing a threat to Exxon Mobil, which holds a 16.81% stake in the project. Exxon's shares traded virtually flat at $159.55. The fine, which Exxon's share would theoretically amount to about $851 million, represents less than 5% of the company's latest quarterly free cash flow of $17.2 billion. However, the consortium, which also includes Shell and TotalEnergies, continues to reject Kazakhstan's sulfur-storage claims, and international arbitration keeps the wider dispute alive. The suspension buys time but does not eliminate political risk for Kashagan's expansion.

Shell climbed 1.32% to 34.83 Monday, outperforming a softer broader market as Brent crude pushed above $97 per barrel and Middle East tensions heightened supply concerns. The integrated oil and gas giant reported second-quarter adjusted earnings of $9.8 billion and operating cash flow exceeding $21 billion, with net debt falling to roughly $42 billion. Management also launched a new $3 billion share-buyback program. However, Shell's shares trade 13.84% above its GF Value estimate of $81.65, indicating a premium valuation that may already reflect optimism about commodity prices.

Deutsche Bank is warning investors that the calm outlook for inflation, interest rates, and economic growth may rest on unstable assumptions, as global bond yields reach multiyear highs while equities and credit reflect resilience. The bank's latest dislocations report argues that this combination is becoming harder to defend as energy, food, and commodity costs climb. Brent crude traded around $96 a barrel, up from $82.49 a month earlier, amid intensified disruption around the Strait of Hormuz, while European natural-gas futures hit their highest level since early 2023. Markets still expect energy costs to decline over the coming year, with the six-month Brent contract near $83 versus $96.20 for front-month oil, effectively assuming shipping normalizes. Deutsche Bank also notes that investors underestimated the Federal Reserve's hawkishness in four of the past five years, and that August's ISM services prices-paid measure reached a four-year high, historically consistent with U.S. inflation above 5%.

The U.K. government is expected to approve development of the Jackdaw gas field in the North Sea later this month, according to the BBC and other reports. Energy Secretary Miatta Fahnbulleh is also expected to approve the Rosebank oil field in the coming months, The Guardian reported. Both fields are operated by Adura, a joint venture between Shell and Equinor, with Ithaca Energy owning 20% of Rosebank. The projects were originally approved in 2022 but were blocked by a Scottish court ruling after environmental groups argued their climate impact was not fully considered. Jackdaw and Rosebank are relatively small, with forecast peak production of 40,000 and 70,000 barrels of oil equivalent per day, respectively. Adura says Jackdaw could supply 6% of the U.K.'s total gas output at its peak, while environmental groups estimate it will meet just 2% of U.K. gas demand over its 10-year lifetime. The joint venture also projects the two fields will generate £1.4 billion, or about $1.9 billion, in tax revenues by 2029.