Transaction in Own Shares

Rhea-AI Summary

Shell (SHEL) purchased a total of 1,331,562 shares for cancellation on 20 March 2026 across six trading venues, as part of its buy-back programme running from 05 February 2026 to 01 May 2026.

Trades occurred in GBP and EUR with volume-weighted average prices near GBP 34.38 and EUR 39.74, and Morgan Stanley made trading decisions independently under the programme.

Positive

• 1,331,562 shares purchased for cancellation on 20 March 2026
• Trades executed across six venues including LSE, Chi-X, BATS and XAMS
• VWAPs near GBP 34.385 and EUR 39.74 reflecting execution prices

Negative

• None.

Key Figures

LSE shares purchased: 398,387 shares LSE highest price: 34.8150 GBP LSE lowest price: 34.0350 GBP +5 more

8 metrics

LSE shares purchased 398,387 shares 20/03/2026 buy-back, LSE venue

LSE highest price 34.8150 GBP 20/03/2026 buy-back, LSE venue

LSE lowest price 34.0350 GBP 20/03/2026 buy-back, LSE venue

LSE VWAP 34.3852 GBP 20/03/2026 buy-back, LSE venue

XAMS shares purchased 359,003 shares 20/03/2026 buy-back, XAMS venue

XAMS highest price 40.2900 EUR 20/03/2026 buy-back, XAMS venue

XAMS lowest price 39.4150 EUR 20/03/2026 buy-back, XAMS venue

XAMS VWAP 39.7404 EUR 20/03/2026 buy-back, XAMS venue

Market Reality Check

Price: $90.42 Vol: Volume 12,356,913 vs 20-d...

high vol

$90.42 Last Close

Volume Volume 12,356,913 vs 20-day average 7,398,851 (relative 1.67x) ahead of this buy-back disclosure. high

Technical Shares at 91.19, trading above 200-day MA of 74.26 and 1.89% below the 52-week high of 92.95.

Peers on Argus

SHEL fell 1.68% while key peers were mostly flat to modestly positive (CVX +0.82...

SHEL fell 1.68% while key peers were mostly flat to modestly positive (CVX +0.82%, TTE +0.58%, BP +0.47%, PBR +0.10%, XOM -0.06%), indicating stock-specific pressure despite ongoing buy-backs.

Historical Context

5 past events · Latest: Mar 19 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 19	Share buy-back update	Positive	-1.7%	Reported 1,578,317 shares repurchased for cancellation across multiple venues.
Mar 19	Operational incident update	Negative	-1.7%	Disclosed LNG production shutdown in Qatar after 18 March incident.
Mar 18	Share buy-back update	Positive	+0.8%	Announced 1,618,100 shares purchased and cancelled under buy-back.
Mar 17	Share buy-back update	Positive	+1.6%	Detailed 559,910 shares repurchased and cancelled across six venues.
Mar 16	Share buy-back update	Positive	+1.8%	Outlined UK and EU venue buy-backs under existing programme.

Pattern Detected

Recent buy-back announcements have generally coincided with positive price reactions, but the latest disclosure on 19 March, alongside Qatar facility issues, aligned with a -1.68% move, indicating operational news can outweigh repurchase support.

Recent Company History

Over the past week, Shell has repeatedly reported daily share repurchases for cancellation under its buy-back programme running from 05 February 2026 to 01 May 2026, with trades executed across LSE, Chi-X, BATS, XAMS, CBOE DXE and TQEX. Buy-back updates on 16–18 March 2026 coincided with positive 24-hour price moves, while the Qatar facilities update and the 19 March buy-back disclosure both matched a -1.68% reaction. Today’s 20 March transaction notice continues this programme against that backdrop.

Market Pulse Summary

This announcement details further execution of Shell’s authorised share buy-back, with purchases and...

Analysis

This announcement details further execution of Shell’s authorised share buy-back, with purchases and cancellations across LSE, Chi-X, BATS, XAMS, CBOE DXE and TQEX on 20 March 2026. It continues the programme running from 05 February to 01 May 2026, conducted under UK Listing Rules and EU/UK MAR. In context, recent days show consistent repurchase activity, while separate updates on Qatar facilities highlight that operational developments and buy-back pace are both key elements for investors to monitor.

Key Terms

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

5 terms

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 buy-back programme is when a company uses cash to repurchase its own shares from the market, reducing the number of shares available to investors. Like a store buying back its own gift cards to concentrate value, buy-backs can raise earnings per share and signal management’s confidence but also use cash that might have funded growth or dividends—details investors watch to judge impact on value and risk.

on-market limb financial

"The on-market limb will be effected within certain pre-set parameters and in accordance with the Company’s general authority..."

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

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

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

"the EU MAR Delegated Regulation as “onshored” into UK law ... from time to time (“UK MAR”)..."

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

"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.

AI-generated analysis. Not financial advice.

Transaction in Own Shares   

20 March 2026

• • • • • • • • • • • • • • • •

Shell plc (the ‘Company’) announces that on 20 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
20/03/2026	398,387	34.8150	34.0350	34.3852	LSE	GBP
20/03/2026	180,419	34.8150	34.0550	34.3830	Chi-X (CXE)	GBP
20/03/2026	73,034	34.8150	34.0550	34.3899	BATS (BXE)	GBP
20/03/2026	359,003	40.2900	39.4150	39.7404	XAMS	EUR
20/03/2026	256,644	40.2900	39.4200	39.7311	CBOE DXE	EUR
20/03/2026	64,075	40.2900	39.4150	39.7505	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_2026-03-20

FAQ

How many shares did Shell (SHEL) buy back and cancel on 20 March 2026?

Shell bought and cancelled 1,331,562 shares on 20 March 2026. According to the company, purchases were aggregated across six trading venues and executed as part of the ongoing buy-back programme.

What prices did Shell (SHEL) pay per share for the 20 March 2026 buyback?

The volume-weighted average prices were about GBP 34.385 and EUR 39.74 on 20 March 2026. According to the company, highest and lowest trade prices per venue are listed in the aggregated table.

Which trading venues did Shell (SHEL) use for the 20 March 2026 share repurchases?

Shell executed purchases on six venues including LSE, Chi-X, BATS, XAMS, CBOE DXE and TQEX. According to the company, trades were split across on- and off-market limbs of the buy-back programme.

Is the 20 March 2026 buyback part of a larger Shell (SHEL) programme and who managed it?

Yes, the purchases are part of a buy-back programme running from 05 Feb 2026 to 01 May 2026. According to the company, Morgan Stanley made trading decisions independently under the programme.

Were the shares purchased on 20 March 2026 by Shell (SHEL) cancelled or held as treasury?

The shares purchased on 20 March 2026 were bought for cancellation. According to the company, the purchases form part of the programme and are intended to be cancelled rather than held as treasury stock.

What regulatory rules governed Shell's (SHEL) 20 March 2026 buyback transactions?

The buy-back was conducted under UK Listing Rules Chapter 9 and EU/UK MAR frameworks. According to the company, the programme complied with applicable EU MAR Delegated Regulation requirements as onshored into UK law.