SHEL
Shell’s doing the shareholder two-step
Shell just told investors it’s not only keeping the cash machine humming — it’s sharing the spoils. The company said 2025 cash capex came in at $20.9 billion and guided to $20 billion to $22 billion for 2026, then layered on a 4% increase in its fourth-quarter dividend to $0.372 per share.
And because one payout wasn’t enough...
Shell also said it’s starting a $3.5 billion share buyback program, which it expects to finish by the time it reports Q1 2026 results. That’s the corporate version of saying, “We’ve got room in the wallet, so let’s shrink the share count too.”
For investors, the combo matters because dividends and buybacks both signal capital discipline. If oil and gas markets stay cooperative, these payouts can help support the stock even when energy prices are doing their usual moody-commodity thing.
Big picture
Shell is basically telegraphing that it wants to stay on offense with shareholder returns, not defense with cash accumulation. In energy land, that can be the difference between “nice quarter” and “show me the money.”