Shell's Australian Exit and Greek LNG Pact Take Shape Against a Firmer Crude Backdrop
Published on 11/08/2026 at 18:52 | Editorial boerse-global.de
Shell shares came under pressure on Wednesday as a softer outlook for crude prices weighed on the oil major, with no fresh company-specific announcement behind the move. According to media reports, signals surrounding the US midterm elections and comments from Vice President JD Vance fueled expectations that pressure to wind down the Iran conflict could build — a shift that pushed raw oil prices lower and dragged oil producers down with them.
The retreat echoed an earlier slide: on November 2, hopes for progress in Iran diplomacy had already knocked the Brent price back, and Shell and other oil producers gave ground in response.
North West Shelf Stake Heads to XRG
On the portfolio front, Shell said Tuesday it had agreed to sell its interest in Australia's North West Shelf project to subsidiaries of XRG. The base price for the 16.67% holding comes to $1.45 billion in total, according to company statements. The deal has yet to close — Shell expects completion in 2027, subject to the necessary approvals.
The agreed base price is subject to customary adjustments, and the arrangement also includes a contingent payment tied to the achievement of milestones. The consideration therefore pairs the base price with an additional, condition-linked component. The stake being sold is a non-operated interest, and the buyers are the XRG subsidiaries with which Shell struck the divestment. Both the expected closing next year and the extra payment remain subject to the stated conditions.
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Over the past seven days the stock has lost 8.5%, a decline that fell within the window of the sale announcement.
Five-Year LNG Supply Deal With METLEN
On the operational side, Shell reported a binding supply contract with METLEN on November 2. The agreement, signed by Shell Global LNG Limited, runs for five years and provides for six LNG cargoes per year. Deliveries are set to begin in 2027 and cover roughly 0.6 billion cubic meters annually, with the liquefied natural gas sourced predominantly from Shell's US LNG portfolio. The pact thus locks in both a defined delivery period and an annual offtake volume.
That announcement followed Shell Offshore's October 28 notice of first production from the third expansion phase of the Silvertip project, where two additional wells complement the Shell-operated Perdido production platform in the Gulf of America.
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Third-Quarter Earnings Buoyed by Refining
Shell reported adjusted earnings of $10.8 billion for the third quarter of 2026 on October 29, alongside operating cash flow of $21.0 billion. The company attributed the result to strong operational performance and record-high refining margins. It also declared an interim dividend for the third quarter of 2026 and filed its quarterly results and unaudited interim financial report with the US Securities and Exchange Commission on Form 6-K.
Capital returns and exploration commitments have moved in parallel. Roughly two weeks ago, Shell announced a $5 billion share buyback program covering the following three months. Around the same period, the company secured six offshore exploration areas off Newfoundland and Labrador, with associated bids carrying work commitments totaling $210.6 million. Together with Equinor, Shell also picked up two further exploration areas, where the joint bids came to $30 million in aggregate — commitments tied to the additional acreage acquired by the two companies.
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Shell Stock: New Analysis - 8 November
Fresh Shell information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
