Transaction in Own Shares

Rhea-AI Summary

Shell (SHEL) announced on 18 March 2026 that it purchased and cancelled a total of 1,618,100 shares across multiple trading venues.

Purchases show volume-weighted average prices of about GBP 34.62 and EUR 40.05. The transactions form part of the buy-back programme running from 05 February 2026 to 01 May 2026, with Morgan Stanley making independent trading decisions.

Positive

• 1,618,100 shares purchased and cancelled on 18 March 2026
• VWAPs approximately GBP 34.62 and EUR 40.05 across venues
• Buy-back programme active 05 February–01 May 2026 with Morgan Stanley trading independently

Negative

• None.

Key Figures

Shares repurchased LSE: 542,957 shares VWAP LSE: 34.6182 GBP Shares repurchased Chi-X: 167,129 shares +5 more

8 metrics

Shares repurchased LSE 542,957 shares Purchased for cancellation on 18/03/2026 on LSE

VWAP LSE 34.6182 GBP Volume weighted average price per share on LSE 18/03/2026

Shares repurchased Chi-X 167,129 shares Purchased for cancellation on 18/03/2026 on Chi-X (CXE)

Shares repurchased BATS 91,918 shares Purchased for cancellation on 18/03/2026 on BATS (BXE)

Shares repurchased XAMS 495,026 shares Purchased for cancellation on 18/03/2026 on XAMS

VWAP XAMS 40.0498 EUR Volume weighted average price per share on XAMS 18/03/2026

Programme start date 05 February 2026 Start of current share buy-back programme period

Programme end date 01 May 2026 End of current share buy-back programme period

Market Reality Check

Price: $91.97 Vol: Volume 5,987,614 is below...

normal vol

$91.97 Last Close

Volume Volume 5,987,614 is below the 20-day average of 6,922,326, suggesting no unusual trading ahead of this buyback disclosure. normal

Technical Trading at 91.97, above the 200-day MA of 74.01 and about 1.05% below the 52-week high of 92.95.

Peers on Argus

Major peers (CVX, XOM, TTE, BP) showed modest gains (0.24% to 1.02%) while secto...

Major peers (CVX, XOM, TTE, BP) showed modest gains (0.24% to 1.02%) while sector momentum scanners did not flag a coordinated move, pointing to the buyback as a more company-specific factor.

Historical Context

5 past events · Latest: Mar 17 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 17	Share buyback	Positive	+1.6%	Daily disclosure of 559,910 shares repurchased and cancelled under buyback.
Mar 16	Share buyback	Positive	+1.8%	Venue-level detail on ongoing on- and off-market buyback trades.
Mar 16	Dividend update	Positive	+1.8%	Announcement of Q4 2025 dividend equivalents in EUR and GBP.
Mar 13	Share buyback	Positive	+1.2%	Disclosure of 326,683 shares repurchased for cancellation across venues.
Mar 12	Share buyback	Positive	+1.1%	Report of 336,336 shares repurchased for cancellation as part of programme.

Pattern Detected

Recent buyback and dividend announcements have coincided with consistent single-day gains following disclosures.

Recent Company History

Over 12–17 March 2026, Shell reported multiple daily buyback transactions, cancelling between 326,683 and 559,910 shares per day across UK and European venues under the programme launched on 5 February 2026. A separate update on 16 March 2026 detailed Q4 2025 dividend equivalents of US$0.372 per share. Each of these disclosures was followed by positive one-day price moves between 1.1% and 1.77%, suggesting the market has been receptive to capital returns.

Market Pulse Summary

This announcement details another day of on- and off-market share repurchases for cancellation under...

Analysis

This announcement details another day of on- and off-market share repurchases for cancellation under Shell’s buy-back programme running from 05 February 2026 to 01 May 2026. It follows several similar disclosures where daily cancellations ranged from 326,683 to 559,910 shares. Investors may track ongoing buyback pace, interaction with dividend payments such as the US$0.372 Q4 2025 dividend, and adherence to UK and EU market abuse regulations as key context for capital allocation discipline.

Key Terms

share buy-back programme, on-market limb, EU MAR, UK MAR, +1 more

5 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.

on-market limb financial

"The on-market limb will be effected within certain pre-set parameters..."

An on-market limb is the part of a takeover or share-purchase arrangement where shares are bought directly through the stock exchange at current market prices, rather than through private, negotiated off-exchange deals. For investors it matters because on-market purchases happen publicly and at prevailing prices, which can affect the stock’s trading price, liquidity and how quickly ownership changes hands — like buying items from a store shelf versus arranging a private sale.

EU MAR regulatory

"dealing with buy-back programmes (“EU MAR”) and EU MAR as “onshored” into UK law..."

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

"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.

UK Listing Rules regulatory

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

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.

AI-generated analysis. Not financial advice.

Transaction in Own Shares   

18 March 2026

• • • • • • • • • • • • • • • •

Shell plc (the ‘Company’) announces that on 18 March 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
18/03/2026	542,957	34.7600	34.4050	34.6182	LSE	GBP
18/03/2026	167,129	34.7600	34.3600	34.6033	Chi-X (CXE)	GBP
18/03/2026	91,918	34.7600	34.4100	34.6118	BATS (BXE)	GBP
18/03/2026	495,026	40.2250	39.8500	40.0498	XAMS	EUR
18/03/2026	276,255	40.2250	39.8050	40.0548	CBOE DXE	EUR
18/03/2026	44,815	40.2250	39.8050	40.0340	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_2026-03-18

FAQ

How many shares did Shell (SHEL) buy back and cancel on 18 March 2026?

Shell bought and cancelled 1,618,100 shares on 18 March 2026. According to Shell, the purchases were executed across multiple venues including LSE, Chi-X, BATS, XAMS and CBOE on that date.

What were the average prices Shell (SHEL) paid in the 18 March 2026 buy-back?

The volume-weighted average prices were about GBP 34.62 and EUR 40.05. According to Shell, VWAPs are reported per venue reflecting FX and market differences during the trades.

Does Shell's (SHEL) 05 February 2026 buy-back programme have a set end date?

Yes, the buy-back programme runs from 05 February 2026 up to and including 01 May 2026. According to Shell, Morgan Stanley will make trading decisions independently within that period.

Which broker executed Shell's (SHEL) buy-back trades on behalf of the company?

Morgan Stanley & Co. International Plc executed the trades independently on Shell's behalf. According to Shell, Morgan Stanley made the trading decisions within pre-set parameters under the programme.

Were Shell's (SHEL) 18 March 2026 purchases on-market or off-market?

The purchases formed part of both the on-market and off-market limbs of the buy-back programme. According to Shell, on-market trades followed preset parameters and off-market trades followed the shareholder-approved contract.

Which trading venues did Shell (SHEL) use for the 18 March 2026 buy-back?

Trades on 18 March 2026 took place on LSE, Chi-X (CXE), BATS (BXE), XAMS, CBOE DXE and TQEX. According to Shell, the aggregate table lists each venue's volume and price details for that date.