Shell sells oil shares from the sea floor: Oil giant begins $7bn buyback scheme

Dec 2nd, 2021
by John Donovan.

CITYA.M.

Shell sells oil shares from the sea floor: Oil giant begins $7bn buyback scheme

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Royal Dutch Shell (Shell) is looking to woo over shareholders following the sale of its US Permian basin assets to ConocoPhillips in September for $9.5bn.

It has launched the opening stage of its much-anticipated $7bn buyback scheme, offering $1.5bn in the first tranche of shareholder distributions.

The first tranche will be open until January 28, with plans to distribute the remaining $5.5bn to be announced in early 2022

It is using the remaining funds to boost its balance sheet.

The buyback follows Shell’s $2bn outlay to shareholders in July, following strong second quarter earnings.

The oil giant has recently been looking to win over shareholders who are expected to vote on its planned move to London later this month.

The FTSE 100 company has held talks with shareholders over its historic plans to change its headquarters, reform its share structure, and ditch its Royal Dutch name after 114 years of using the title.

Shell is moving its base from the Netherlands following protracted disputes with the Dutch authorities over the country’s 15 per cent dividend tax, and continued judicial pressure to speed up its carbon emission reduction plans.

The company has also had to fend off pressure from activist group Third Point – who have taken on a $750m stake in Shell and called for its break-up.

Following the news, Shell’s shares have risen 1.68 per cent – trading at 1,632p on Thursday morning.

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Posted in: Break-up Shell, Conoco Phillips, Dutch, Fossil Fuels, Goodbye Royal Dutch Shell Plc, Oil, Royal Dutch Shell, Royal Dutch Shell Plc, Shell.
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