Transaction in Own Shares

Rhea-AI Summary

Shell (SHEL) purchased 1,028,319 shares for cancellation on 23 February 2026 across multiple trading venues in GBP and EUR.

The purchases form part of the existing share buy-back programme running from 05 February 2026 up to and including 01 May 2026, with Morgan Stanley making independent trading decisions.

Positive

• 1,028,319 shares repurchased on 23 February 2026
• Buy-back executed across six trading venues (LSE, CXE, BXE, XAMS, DXE, TQEX)
• Programme active through 01 May 2026, showing ongoing capital-return commitment

Negative

• Average per-share price higher in EUR venues (~€33.84 VWAP) versus GBP venues (~£29.54 VWAP), increasing overall buyback cost

Key Figures

Current price: $79.78 52-week range: $58.545–$80.53 Market cap: $226,864,035,025 +5 more

8 metrics

Current price $79.78 Pre-news price for SHEL on article date

52-week range $58.545–$80.53 52-week low and high before this news

Market cap $226,864,035,025 Equity value prior to this announcement

Today’s volume 5,504,270 shares Versus 20-day average volume of 6,608,301

LSE buyback volume 287,598 shares Shares purchased for cancellation on LSE on 23/02/2026

LSE VWAP £29.5369 Volume-weighted average price per share on LSE 23/02/2026

XAMS buyback volume 298,023 shares Shares purchased for cancellation on XAMS on 23/02/2026

XAMS VWAP €33.8417 Volume-weighted average price per share on XAMS 23/02/2026

Market Reality Check

Price: $79.78 Vol: Volume 5,504,270 vs 20-da...

normal vol

$79.78 Last Close

Volume Volume 5,504,270 vs 20-day average 6,608,301 (relative volume 0.83), indicating quieter trading ahead of this buyback update. normal

Technical Price 79.78 is trading above the 200-day MA at 72.43, keeping the longer-term trend positive despite today’s -0.75% move.

Peers on Argus

SHEL slipped -0.75% while peers were mixed: CVX -0.36%, XOM -2.13%, TTE +0.63%, ...

SHEL slipped -0.75% while peers were mixed: CVX -0.36%, XOM -2.13%, TTE +0.63%, BP +0.16%, PBR +0.06%. With no peers in the momentum scanner, today’s action appears more stock-specific than broad sector rotation.

Historical Context

5 past events · Latest: Feb 20 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 20	Share buyback update	Positive	-1.4%	Purchase and cancellation of 1,595,356 shares across UK and EU venues.
Feb 19	Share buyback update	Positive	+0.1%	3,407,159 shares bought for cancellation under ongoing buy-back programme.
Feb 18	Share buyback update	Positive	+2.5%	61,955 shares purchased and cancelled at reported GBP and EUR VWAPs.
Feb 17	Share buyback update	Positive	-1.1%	712,623 shares bought for cancellation across multiple trading venues.
Feb 16	Share buyback update	Positive	-1.1%	1,380,295 shares purchased and cancelled under the current buy-back plan.

Pattern Detected

Recent buyback disclosures have produced mixed reactions, with several days showing negative follow-through despite shareholder-friendly repurchases.

Recent Company History

Over the last week, Shell has issued a series of daily “Transaction in Own Shares” updates, each detailing purchases and cancellations under the buy-back programme announced on 05 February 2026. Reported activity ranged from 61,955 to over 3.4 million shares across LSE, Chi-X, BATS, XAMS, CBOE DXE and TQEX. Price reactions have been inconsistent, with both positive (+2.48%) and negative (down to -1.37%) moves following similar disclosures, suggesting limited directional edge from these routine updates alone.

Market Pulse Summary

This announcement details another day of buy-back activity, with Shell purchasing shares for cancell...

Analysis

This announcement details another day of buy-back activity, with Shell purchasing shares for cancellation across LSE, Chi-X, BATS, XAMS, CBOE DXE and TQEX at VWAPs including £29.5369 and €33.8417. Transactions fall under the programme running from 05 February 2026 to 01 May 2026, executed independently by Morgan Stanley within UK Listing Rules and EU/UK MAR. Investors may track cumulative repurchase volumes, execution prices, and any revisions to the programme’s duration or parameters.

Key Terms

share buy-back programme, uk listing rules, eu mar, uk mar, +2 more

6 terms

share buy-back programme financial

"These share purchases form part of the on- and off-market limbs of the Company's existing share buy-back programme..."

A share buy-back programme is when a company purchases its own shares from the market. This reduces the total number of shares available, which can increase the value of remaining shares and signal confidence in the company's future. For investors, it can be a sign that the company believes its stock is undervalued and may lead to higher share prices.

uk listing rules regulatory

"The programme will be conducted in accordance with Chapter 9 of the UK Listing Rules and Article 5..."

UK listing rules are a set of regulations that companies must follow to be officially listed on a UK stock exchange. These rules ensure that companies provide clear, accurate, and sufficient information to protect investors and maintain market confidence, similar to how safety standards ensure products are reliable. Adhering to these rules is important for investors because it helps them make informed decisions about buying or selling company shares.

eu mar regulatory

"Article 5 of the Market Abuse Regulation 596/2014/EU dealing with buy-back programmes (“EU MAR”) and EU MAR as “onshored”..."

EU MAR is the European Union’s Market Abuse Regulation, a set of rules designed to keep financial markets fair by stopping insider trading and market manipulation and by requiring timely, accurate public disclosure of inside information. Think of it as traffic laws for trading: it sets who can share sensitive information, how it must be disclosed, and penalties for breaking the rules, which matters to investors because stronger rules reduce surprises, boost trust, and affect companies’ legal and reporting costs.

uk mar regulatory

"and as amended... from time to time (“UK MAR”) and the Commission Delegated Regulation (EU) 2016/1052..."

UK MAR is the UK Market Abuse Regulation, a set of laws designed to prevent insider trading, market manipulation and other dishonest practices in financial markets while setting rules for how companies must disclose important information. It matters to investors because it helps ensure a fair playing field and timely, reliable disclosures so price changes reflect real news rather than secret deals—think of it as the rulebook that keeps the market honest and predictable.

off-market buyback contract financial

"off-market limb will be effected in accordance with the Company’s general authority... pursuant to the off-market buyback contract approved by its shareholders..."

An off-market buyback contract is an agreement where a company agrees to repurchase its shares directly from a specific investor or group of investors, outside of the regular stock exchange or public trading. This allows the company to buy back shares privately, often at a negotiated price, which can influence the company's stock value and impact investor holdings. Such contracts matter to investors because they can affect the supply of shares and the company's financial strategy.

market abuse (amendment) (eu exit) regulations (si 2019/310) regulatory

"including, The Market Abuse (Amendment) (EU Exit) Regulations (SI 2019/310)), from time to time."

A set of UK rules that update the law on insider trading, market manipulation and related disclosure duties to reflect the country’s departure from the EU. It is essentially an updated rulebook that keeps enforcement powers, reporting requirements and protections for honest investors working smoothly after the legal change; investors care because it clarifies what behaviour is illegal, how markets stay fair, and what companies must disclose.

AI-generated analysis. Not financial advice.

Transaction in Own Shares   

23 February 2026

• • • • • • • • • • • • • • • •

Shell plc (the ‘Company’) announces that on 23 February 2026 it purchased the following number of Shares for cancellation.

Aggregated information on Shares purchased according to trading venue:

Date of Purchase	Number of Shares purchased	Highest price paid	Lowest price paid	Volume weighted average price paid per share	Venue	Currency
23/02/2026	287,598	29.8950	29.2250	29.5369	LSE	GBP
23/02/2026	150,977	29.8950	29.2250	29.5407	Chi-X (CXE)	GBP
23/02/2026	62,988	29.8950	29.2250	29.5352	BATS (BXE)	GBP
23/02/2026	298,023	34.2600	33.4750	33.8417	XAMS	EUR
23/02/2026	192,522	34.2500	33.4750	33.8470	CBOE DXE	EUR
23/02/2026	36,211	34.2500	33.5050	33.8680	TQEX	EUR

These share purchases form part of the on- and off-market limbs of the Company's existing share buy-back programme previously announced on 05 February 2026.

In respect of this programme, Morgan Stanley & Co. International Plc will make trading decisions in relation to the securities independently of the Company for a period from 05 February 2026 up to and including 01 May 2026.

The on-market limb will be effected within certain pre-set parameters and in accordance with the Company’s general authority to repurchase shares on-market. The off-market limb will be effected in accordance with the Company’s general authority to repurchase shares off-market pursuant to the off-market buyback contract approved by its shareholders and the pre-set parameters set out therein. The programme will be conducted in accordance with Chapter 9 of the UK Listing Rules and Article 5 of the Market Abuse Regulation 596/2014/EU dealing with buy-back programmes (“EU MAR”) and EU MAR as “onshored” into UK law from the end of the Brexit transition period (at 11:00 pm on 31 December 2020) through the European Union (Withdrawal) Act 2018 (as amended by the European Union (Withdrawal Agreement) Act 2020), and as amended, supplemented, restated, novated, substituted or replaced by the Financial Services Act, 2021 and relevant statutory instruments (including, The Market Abuse (Amendment) (EU Exit) Regulations (SI 2019/310)), from time to time (“UK MAR”) and the Commission Delegated Regulation (EU) 2016/1052 (the “EU MAR Delegated Regulation”) and the EU MAR Delegated Regulation as “onshored” into UK law from the end of the Brexit transition period (at 11:00 pm on 31 December 2020) through the European Union (Withdrawal) Act 2018 (as amended by the European Union (Withdrawal Agreement) Act 2020), and as amended, supplemented, restated, novated, substituted or replaced by the Financial Services Act, 2021 and relevant statutory instruments (including, The Market Abuse (Amendment) (EU Exit) Regulations (SI 2019/310)), from time to time.

In accordance with EU MAR and UK MAR, a breakdown of the individual trades made by Morgan Stanley & Co. International Plc on behalf of the Company as a part of the buy-back programme is detailed below.

Enquiries

Media: International +44 (0) 207 934 5550; U.S. and Canada: https://www.shell.us/about-us/news-and-insights/media/submit-an-inquiry.html

Attachment

• Shell_PDF_2026-02-23

FAQ

How many shares did Shell (SHEL) repurchase on 23 February 2026?

Shell repurchased 1,028,319 shares on 23 February 2026. According to the company, purchases were made across six venues and will be cancelled under the buy-back programme running through 01 May 2026.

What trading venues did Shell (SHEL) use for the 23 February 2026 buyback?

Shell executed trades on LSE, Chi-X (CXE), BATS (BXE), XAMS, CBOE DXE, and TQEX. According to the company, the breakdown of individual trades and VWAPs is provided for regulatory compliance.

What were the typical prices paid by Shell (SHEL) during the 23 February 2026 buyback?

Prices paid ranged around £29.23–£29.90 (GBP venues) and €33.48–€34.26 (EUR venues). According to the company, volume-weighted average prices were provided per venue for 23 February 2026.

Is Shell's buy-back programme still open after the 23 February 2026 purchases?

Yes. The buy-back programme remains active from 05 February 2026 through 01 May 2026. According to the company, Morgan Stanley will trade independently on behalf of Shell within pre-set parameters.

Will the shares repurchased by Shell (SHEL) on 23 February 2026 be cancelled?

Yes. The shares purchased on 23 February 2026 were acquired for cancellation. According to the company, the transactions form part of the existing on- and off-market buy-back programme and will be cancelled.

How does Shell (SHEL) ensure compliance during the February–May 2026 buy-back programme?

Shell conducts the programme under UK MAR, EU MAR rules and UK Listing Rules Chapter 9. According to the company, trades are executed within pre-set parameters and regulatory frameworks to ensure compliance.