Latest / Energy Economics with Fexingo: Oil Prices, Renewables, and the Cost of Power
How Shell Is Spending More on Shareholders Than on Oil Production
Episode 29 of Energy Economics with Fexingo digs into a quiet but telling shift: Shell and other European majors are returning record cash to shareholders while barely growing oil output. With WTI crude at $96 a barrel—up 10% in a week—you'd expect big drilling plans. Instead, Shell's 2026 capital spending is flat, while buybacks hit $3.5 billion this quarter. Lucas and Luna explore what this says about the industry's long-term confidence, the pressure from activist investors, and whether the supermajors have quietly decided that the era of production growth is over. A focused…
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