Oil and gas major Shell said its $7bn share buyback programme, using the proceeds of last year’s sale of its Permian Basin business to ConocoPhillips, would continue “at pace” in 2022.
The company, which has been under pressure from activists to demonstrate it can generate value for shareholders through the energy transition, returned $1.5bn of the proceeds from the sale to investors in December. The remaining $5.5bn “will be distributed in the form of share buybacks at pace”, it said on Friday.
The trading update followed the first meeting of Shell’s board in the UK since shareholders backed a proposal to simplify the Anglo-Dutch energy major’s share structure and shift its headquarters from the Netherlands to the UK.
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