Shell forecasts 2026 cash capex of $23 billion to $25 billion

• Shell expects 2026 cash capital expenditure of $23 billion to $25 billion, including about $4 billion for the ARC Resources acquisition.
• A new $5 billion share buyback program is expected to finish by the Q4 results announcement on February 4.
• Shareholder distributions remain targeted at 40% to 50% of cash flow from operations through the cycle.
• Third-quarter cash flow from operations reached $21 billion, with adjusted earnings of $10.8 billion.

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