Director/PDMR Shareholding

Rhea-AI Summary

Shell (NYSE:SHEL) reported conditional awards of performance shares under the Shell Share Plan 2023 to senior executives. Chief Executive Officer Wael Sawan received 82,987 ordinary shares and Chief Financial Officer Sinead Gorman received 10,964 shares, both awarded on 20 May 2026 at a reference price of £32.52.

AI-generated analysis. Not financial advice.

Key Figures

CEO award shares: 82,987 shares CFO award shares: 10,964 shares Par value: €0.07 each +5 more

8 metrics

CEO award shares 82,987 shares Wael Sawan performance share award on 20 May 2026

CFO award shares 10,964 shares Sinead Gorman performance share award on 20 May 2026

Par value €0.07 each Ordinary shares of Shell plc

Award price £32.52 Price used for performance share awards

CEO award value £2,698,737.24 Total value of CEO conditional award

CFO award value £356,549.28 Total value of CFO conditional award

Transaction date 20/05/2026 Date of conditional awards to CEO and CFO

LEI code 21380068P1DRHMJ8KU70 Legal Entity Identifier for Shell plc

Market Reality Check

Price: $86.72 Vol: Volume 7,436,307 vs 20‑da...

normal vol

$86.72 Last Close

Volume Volume 7,436,307 vs 20‑day average 8,818,080 (relative volume 0.84). normal

Technical Price 86.72 is trading above 200‑day MA at 78.24 and 8.62% below the 52‑week high of 94.9.

Peers on Argus

Large-cap integrated peers were also weaker, with CVX down 2.51%, XOM down 3.3%,...

Large-cap integrated peers were also weaker, with CVX down 2.51%, XOM down 3.3%, TTE down 1.13%, BP down 1.44% and PBR down 2.51%, while SHEL fell 1.97%.

Historical Context

5 past events · Latest: May 20 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
May 20	Share buy-back	Positive	-1.5%	Announced 225,000-share buy-back at VWAP £32.8939 for cancellation.
May 19	AGM results	Positive	-0.8%	AGM approved Resolutions 1–22, including director elections and buy-back authorities.
May 19	Share buy-back	Positive	-0.8%	Reported 231,000-share repurchase on May 18 under the buy-back programme.
May 18	Share buy-back	Positive	+3.8%	Disclosed 1,450,000 shares repurchased for cancellation across three venues.
May 15	Share buy-back	Positive	+1.0%	Announced 1,297,296-share buy-back on May 14 under ongoing programme.

Pattern Detected

Recent buy-back and AGM news has generally been positive, with mixed price reactions: several buy-back updates aligned with gains, but others and the AGM saw mild declines.

Recent Company History

Over the past week, Shell has repeatedly highlighted capital returns via buy-backs and standard governance events. From May 14–19, 2026 it reported multiple share repurchases, including 1.45 million shares on May 15 and 1.30 million shares on May 14, all for cancellation under its ongoing programme. The May 19 AGM saw Resolutions 1–22 approved. Against this backdrop, today’s PDMR performance share awards add an executive incentive update alongside ongoing capital return disclosures.

Market Pulse Summary

This announcement details conditional performance share awards to Shell’s CEO and CFO under the Shel...

Analysis

This announcement details conditional performance share awards to Shell’s CEO and CFO under the Shell Share Plan 2023, with values of £2.70 million and £0.36 million, respectively, based on a price of £32.52. It follows a series of buy-back and AGM disclosures in May 2026. Investors may track how ongoing capital returns, executive incentives and future regulatory filings interact with broader energy-sector conditions and Shell’s long-term strategy.

Key Terms

market abuse, persons discharging managerial responsibilities, performance shares, legal entity identifier, +4 more

8 terms

market abuse regulatory

"in accordance with the requirements of the EU and UK market abuse regimes"

Market abuse is illegal or unethical behavior that distorts the price or fairness of buying and selling financial assets, such as using secret information to trade, spreading false or misleading news, or creating fake buying and selling to give a false impression of demand. It matters to investors because it can cause unfair losses, unreliable prices and legal or reputational fallout; like cheating in a game or tampering with a scale, it destroys confidence that markets reflect true value.

persons discharging managerial responsibilities regulatory

"NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES"

Persons Discharging Managerial Responsibilities are the key people in a company who make big decisions, like top managers or executives. Knowing who they are is important because their actions can influence the company’s success or failure, and they are often required to share information about their dealings to ensure transparency for investors and the public.

performance shares financial

"conditional award of performance shares of Shell plc under the Shell Share Plan 2023"

Performance shares are a type of company stock given to executives or employees that only become theirs if the company meets specific goals, like hitting certain profits or growth targets. They motivate leaders to work toward the company’s success, because their additional shares depend on achieving these results.

legal entity identifier regulatory

"Legal Entity Identifier code | 21380068P1DRHMJ8KU70"

A legal entity identifier (LEI) is a unique, standardized code that functions like a global ID card for businesses and organizations involved in financial markets. It helps investors and regulators reliably identify who is on the other side of a deal, trace ownership and links between firms, and reduce confusion or fraud — improving transparency for reporting, risk assessment, and cross-border trades.

identification code technical

"Identification Code | GB00BP6MXD84"

A unique alphanumeric label assigned to a financial instrument, company, or official document that lets market participants unambiguously identify and track it across trading, settlement, and filing systems. Think of it like a barcode or social security number for a stock, bond, or corporate filing: it prevents confusion between similarly named instruments, reduces trading and reporting errors, and helps investors verify they are looking at the correct asset and historical data.

ordinary shares financial

"Description of the financial instrument | Ordinary shares of €0.07 each"

Ordinary shares are a type of ownership stake in a company, giving shareholders a right to participate in the company’s profits and decision-making through voting. They are similar to owning a piece of a business, and their value can rise or fall based on the company's performance. Investors buy ordinary shares to potentially earn dividends and benefit from the company's growth over time.

conditional award financial

"Nature of the transaction | Conditional award of performance shares of Shell plc"

A conditional award is a promise to give securities or pay compensation that only becomes real if specified conditions are met, such as performance targets, continued employment, regulatory or shareholder approval, or achievement of milestones. For investors, these awards matter because they can increase the number of shares outstanding and company expenses if the conditions are satisfied, and they reveal how management is being incentivized to reach certain goals—like a gift that only arrives once the recipient clears a set of tasks.

remuneration committee financial

"subject to performance conditions determined by the Remuneration Committee"

A remuneration committee is a group of independent board members who design, approve and oversee pay packages for a company’s executives and directors. Think of them as the household budget planners for top management: they decide salaries, bonuses and stock awards so pay rewards performance and limits excessive risk. For investors, their role matters because compensation policies affect management incentives, business strategy and the long‑term value shareholders receive.

AI-generated analysis. Not financial advice.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES IN ACCORDANCE WITH THE REQUIREMENTS OF THE EU AND UK MARKET ABUSE REGIMES
May 21, 2026
Shell plc announces that each of the following Persons Discharging Managerial Responsibilities (“PDMRs”) have been made a conditional award of performance shares of Shell plc under the Shell Share Plan 2023, subject to performance conditions determined by the Remuneration Committee and Remuneration Committee discretion, as set out below.
PDMR	Date	Share Type	Number of shares awarded
Wael Sawan	20 May 2026	Ordinary Shares of €0.07 each	82,987
Sinead Gorman	20 May 2026	Ordinary Shares of €0.07 each	10,964
The Notification of Dealing Form for each PDMR can be found below.
Julie Keefe
Deputy Company Secretary
ENQUIRIES
Shell Media Relations
International, UK, European Press: +44 20 7934 5550

1. Details of the person discharging managerial responsibilities/person closely associated
First Name(s)	Wael
Last Name(s)	Sawan
2. Reason for the notification
Position/status	Chief Executive Officer
Initial notification/ amendment	Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Full name of the entity	Shell plc
Legal Entity Identifier code	21380068P1DRHMJ8KU70
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted
Description of the financial instrument	Ordinary shares of €0.07 each
Identification Code	GB00BP6MXD84
Nature of the transaction	Conditional award of performance shares of Shell plc under the Shell Share Plan 2023
Currency	GBP
Price	32.52
Volume	82,987
Total	2,698,737.24
Aggregated information
Volume	82,987
Price	32.52
Total	2,698,737.24
Date of transaction	20/05/2026
Place of transaction	Outside a trading venue

1. Details of the person discharging managerial responsibilities/person closely associated
First Name(s)	Sinead
Last Name(s)	Gorman
2. Reason for the notification
Position/status	Chief Financial Officer
Initial notification/ amendment	Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Full name of the entity	Shell plc
Legal Entity Identifier code	21380068P1DRHMJ8KU70
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted
Description of the financial instrument	Ordinary shares of €0.07 each
Identification Code	GB00BP6MXD84
Nature of the transaction	Conditional award of performance shares of Shell plc under the Shell Share Plan 2023
Currency	GBP
Price	32.52
Volume	10,964
Total	356,549.28
Aggregated information
Volume	10,964
Price	32.52
Total	356,549.28
Date of transaction	20/05/2026
Place of transaction	Outside a trading venue

FAQ

What director share awards did Shell (SHEL) announce on May 21, 2026?

Shell announced conditional awards of performance shares to senior executives under the Shell Share Plan 2023. According to Shell, CEO Wael Sawan received 82,987 shares and CFO Sinead Gorman received 10,964 ordinary shares of €0.07 each on 20 May 2026.

How many Shell (SHEL) performance shares were conditionally awarded to CEO Wael Sawan in May 2026?

CEO Wael Sawan was conditionally awarded 82,987 Shell performance shares. According to Shell, these are ordinary shares of €0.07 each, granted under the Shell Share Plan 2023 on 20 May 2026, at a reference price of £32.52 per share, outside a trading venue.

How many Shell (SHEL) performance shares were conditionally awarded to CFO Sinead Gorman in May 2026?

CFO Sinead Gorman was conditionally awarded 10,964 Shell performance shares. According to Shell, these ordinary shares of €0.07 each were granted on 20 May 2026 under the Shell Share Plan 2023, with a reference price of £32.52 per share, outside a trading venue.

What is the total notional value of Wael Sawan’s May 2026 Shell (SHEL) share award?

The notional total value of Wael Sawan’s award is £2,698,737.24. According to Shell, this is based on 82,987 ordinary shares at a reference price of £32.52 each, granted as a conditional performance share award under the Shell Share Plan 2023.

What is the total notional value of Sinead Gorman’s May 2026 Shell (SHEL) performance share award?

The notional total value of Sinead Gorman’s award is £356,549.28. According to Shell, this reflects 10,964 ordinary shares at a reference price of £32.52 each, granted as a conditional performance share award outside a trading venue on 20 May 2026.

What is the nature of the May 2026 Shell (SHEL) director share transactions?

The transactions are conditional awards of performance shares, not open-market purchases or sales. According to Shell, both awards were made under the Shell Share Plan 2023, are subject to performance conditions and Remuneration Committee discretion, and occurred outside a trading venue on 20 May 2026.