London, Feb 13, 2026, 07:41 GMT — Premarket
Shell said on Thursday it is reviewing strategic options for its India-based renewables unit Sprng Energy as CEO Wael Sawan pares back low-carbon projects to focus on liquefied natural gas trading and upstream operations. Shell shares (SHEL.L) last closed at 2,888 pence, down 0.9%. Shell agreed to buy Sprng in 2022 for $1.55 billion; the platform has 2,300 megawatt-peak (MWp) of operating capacity and 5,026 MWp contracted, and rival BP has also reset strategy and took about $4 billion in charges on renewables and biogas assets last quarter. (Reuters)
For investors, the timing matters because the macro tape is turning less friendly. The International Energy Agency on Thursday cut its 2026 oil demand growth view to 850,000 barrels per day (bpd) and said supply could exceed demand by 3.73 million bpd, a surplus it warned could stay sizeable even with January outages. OPEC+ has paused output hikes in the first quarter and eight members meet on March 1 to decide whether to resume increases in April. (Reuters)
That backdrop keeps the spotlight on cash returns. Shell has kept its quarterly share buyback programme at $3.5 billion, and Chief Financial Officer Sinead Gorman said the group’s 40% to 50% payout range over 12 months was “sacrosanct” after the company’s buybacks and dividends pushed the last four quarters above that band. Shell also raised its quarterly dividend 4% to $0.372 per share at the time. (Reuters)
Shell’s daily repurchases keep ticking. The company said it bought 1,396,574 shares on Feb. 12 for cancellation — meaning the shares are retired, reducing the share count — across venues including the LSE and European exchanges, under a programme that runs through May 1 and is executed by Morgan Stanley independently within set limits. (Investegate)
There is also some governance noise hanging over the name. Four EY partners left the accounting firm after breaches of independence rules during its audit of Shell that led to the end of a $66 million-a-year contract, the Financial Times reported, with Britain’s Financial Reporting Council already investigating EY’s 2024 audit of Shell’s financial statements. Shell has picked PwC as its next auditor from 2027 after a tender process. (Reuters)
Energy stocks will still take their cue from crude. Brent was down 0.1% at $67.46 a barrel at 0448 GMT after a 2.7% slide in the prior session, with the market easing back as U.S.-Iran conflict fears receded and traders weighed oversupply risks. IG analyst Tony Sycamore said the pullback reflected signs Washington was seeking more time for a nuclear deal with Iran, “reducing the near-term geopolitical risk premium.” (Reuters)
In the opening auction, traders will try to pin down what the Sprng review actually means in cash terms and timing. A clean sale at a strong price would read differently from a slow process, or a reshuffle that mostly moves deckchairs.
But there is an obvious downside path. If crude stays heavy and the market starts to price in an oil and LNG glut, the pressure shifts back to buyback sustainability — especially for European majors that have used repurchases to anchor the equity story.
The next cues are straightforward and time-stamped. Shell has flagged March 16 for its LNG Outlook publication and an LNG portfolio “Strategic Spotlight”, and May 7 for first-quarter 2026 results and dividends, followed by the annual general meeting on May 19. (Ritzau)
