New York, Feb 27, 2026, 03:06 EST — Market closed.
- Shell’s U.S.-listed shares ended Thursday down 1.3% at $81.18
- Reuters reported Shell is reviewing parts of its Shell Ventures portfolio, with options to sell some holdings
- Shell said output at Norway’s Ormen Lange gas field has been curtailed and the timeline depends on weather
Shell Plc’s U.S.-listed shares fell 1.3% on Thursday and closed at $81.18, as investors digested signs of portfolio pruning alongside operational and joint-venture risks. The stock was little changed in late trading. 1
The developments matter now because Shell is trying to convince the market it can tighten spending while still returning cash through buybacks and dividends. At the same time, it is being pulled in different directions: trimming exposure to smaller low-carbon bets, dealing with a European gas outage, and facing questions over how much support might be needed for its Brazil biofuels venture.
Reuters reported on Thursday that Shell has put a slice of its Shell Ventures portfolio under review, with the option to sell some investments, according to two sources familiar with the matter. The bulk of the venture holdings would be retained, one source said. 2
Separately, Shell said it is troubleshooting parts of the subsea system at the offshore Ormen Lange gas field in Norway, where output has been curtailed since Feb. 16. Shell Norway has mobilised a vessel with a remotely operated vehicle, or ROV, to inspect affected underwater equipment, the company said. 3
Output has been cut by about 11.9 million cubic metres a day from a capacity of 26 million cubic metres a day, and the latest update expects the outage to end on March 12, Reuters reported, citing regulatory statements. A Shell spokesperson said “other subsea equipment is working as normal,” adding that updates would be posted on the Gassco market portal. 3
Shell, meanwhile, continued its share buyback — the repurchase of its own stock, typically for cancellation — announcing it bought 1,287,020 shares on Feb. 26 across London and European venues. The company said the purchases were part of the buyback programme it announced on Feb. 5. 4
Energy shares have also been tracking oil, with Brent crude up about 0.7% in early pricing on Friday, according to Reuters market data. 5
Investors have also been watching headlines around Raizen, Shell’s sugar-and-ethanol joint venture in Brazil with Cosan. Reuters reported late Thursday that Raizen creditors were resisting proposals to split the company, while pressing shareholders to inject more fresh capital; Shell reiterated it is working with Raizen and Cosan to support deleveraging. 6
For Shell, the balance is awkward. A longer outage at Ormen Lange could coincide with softer trading conditions, while a bigger-than-expected cash call at Raizen would test Shell’s ability to keep buybacks running at the current clip.
Before the next U.S. session, traders will be looking for any follow-up from Shell on what “under review” means in practice for its venture holdings, and for further updates on the Ormen Lange curtailment as North Sea weather shifts.
The next set of dates on investors’ calendars includes March 12, when Shell has flagged publication of its annual report and Form 20-F filing, and May 7 for first-quarter 2026 results and dividends. 7
