Transaction in Own Shares

Rhea-AI Summary

Shell (SHEL) purchased and cancelled 1,595,356 shares on 20 February 2026 across UK and European trading venues.

Purchases were executed on LSE, Chi-X, BATS, XAMS, CBOE DXE and TQEX in GBP and EUR as part of the on- and off-market limbs of the existing buy-back programme announced 05 February 2026. Morgan Stanley will make independent trading decisions under pre-set parameters through 01 May 2026.

Positive

• 1,595,356 shares purchased and cancelled on 20 Feb 2026
• Buy-back executed across 6 trading venues (LSE, Chi-X, BATS, XAMS, CBOE DXE, TQEX)
• Programme operates under pre-set parameters and UK/EU MAR compliance

Negative

• Trading decisions delegated to Morgan Stanley, limiting direct company execution control

News Market Reaction – SHEL

-1.37%

1 alert

-1.37% News Effect

On the day this news was published, SHEL declined 1.37%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Shares bought LSE: 491,301 shares VWAP LSE: £29.3673 Shares bought Chi-X: 232,922 shares +5 more

8 metrics

Shares bought LSE 491,301 shares 20/02/2026 repurchase on LSE for cancellation

VWAP LSE £29.3673 Volume weighted average price on LSE 20/02/2026

Shares bought Chi-X 232,922 shares 20/02/2026 repurchase on Chi-X (CXE)

VWAP Chi-X £29.3730 Volume weighted average price on Chi-X 20/02/2026

Shares bought XAMS 468,629 shares 20/02/2026 repurchase on XAMS in EUR

VWAP XAMS €33.6994 Volume weighted average price on XAMS 20/02/2026

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

Programme end date 01 May 2026 End of period for Morgan Stanley’s independent trading

Market Reality Check

Price: $79.78 Vol: Volume 1,471,001 vs 20-da...

low vol

$79.78 Last Close

Volume Volume 1,471,001 vs 20-day average 6,450,694 (relative volume 0.23 pre-news). low

Technical Price 80.38 trading above 200-day MA 72.43, near 52-week high 80.53.

Peers on Argus

While SHEL was down 1.37% pre-news, large-cap peers were mixed: CVX +0.10%, XOM ...

While SHEL was down 1.37% pre-news, large-cap peers were mixed: CVX +0.10%, XOM +0.32%, TTE +0.57%, BP +2.33%, PBR -0.13%, pointing to stock-specific dynamics rather than a uniform sector move.

Historical Context

5 past events · Latest: Feb 19 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 19	Share buy-back update	Positive	+0.1%	Reported purchase and cancellation of 3,407,159 shares under buy-back.
Feb 18	Share buy-back update	Positive	+2.5%	Disclosed 61,955 shares repurchased and cancelled across European venues.
Feb 17	Share buy-back update	Positive	-1.1%	Announced 712,623 shares bought back for cancellation on multiple venues.
Feb 16	Share buy-back update	Positive	-1.1%	Reported 1,380,295 shares purchased and cancelled under ongoing programme.
Feb 12	Share buy-back update	Positive	-2.5%	Disclosed 1,396,574 shares repurchased for cancellation across venues.

Pattern Detected

Repeated buy-back disclosures have produced mixed reactions, with several instances of shares declining despite ongoing repurchases.

Recent Company History

Recent disclosures show Shell executing frequent on- and off-market buy-backs under programmes announced on 02 May 2025, 31 July 2025, and 05 February 2026. From 12–19 February 2026, individual updates reported cancellations ranging from 61,955 to 3,407,159 shares across LSE, Chi-X, BATS, XAMS, CBOE DXE and TQEX. Price reactions over the last five buy-back notices have alternated between modest gains and declines, indicating that such announcements have not produced a consistent directional pattern.

Market Pulse Summary

This announcement details another day of on- and off-market share repurchases under Shell’s buy-back...

Analysis

This announcement details another day of on- and off-market share repurchases under Shell’s buy-back programme running from 05 February to 01 May 2026, executed across LSE and several European venues. Recent history, including updates on 12–19 February 2026, shows consistent cancellations but mixed price reactions. Investors following the story may focus on cumulative volumes disclosed in regulatory filings, the stock’s position versus its 200-day MA, and how ongoing buy-backs intersect with broader sector and macro conditions.

Key Terms

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

5 terms

on-market financial

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

On-market describes buying or selling shares directly through a public stock exchange at the current market price, rather than by a private or negotiated deal. Like buying an item from a store at the posted price instead of haggling privately, on-market trades happen quickly, are visible to other investors, and can move the stock price, so they affect liquidity and provide a transparent signal about supply and demand.

off-market financial

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

Off-market describes a trade or transfer of securities that happens outside a public exchange, where buyers and sellers negotiate directly or use private arrangements rather than submitting orders on the open market. It matters to investors because these deals can change who controls a company or alter share supply without the usual public price signals, like selling a car privately instead of through a dealership — you may get a different price and the wider market may not immediately react.

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.

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

"and 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.

AI-generated analysis. Not financial advice.

Transaction in Own Shares   

20 February 2026

• • • • • • • • • • • • • • • •

Shell plc (the ‘Company’) announces that on 20 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
20/02/2026	491,301	29.5850	29.2800	29.3673	LSE	GBP
20/02/2026	232,922	29.5850	29.2850	29.3730	Chi-X (CXE)	GBP
20/02/2026	84,042	29.5850	29.2800	29.3696	BATS (BXE)	GBP
20/02/2026	468,629	33.9150	33.5950	33.6994	XAMS	EUR
20/02/2026	268,054	33.8350	33.6000	33.6959	CBOE DXE	EUR
20/02/2026	50,408	33.8300	33.5950	33.6946	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_2026-02-20

FAQ

What did Shell (SHEL) announce on 20 February 2026 about its share buy-back?

Shell announced the purchase and cancellation of 1,595,356 shares on 20 February 2026. According to the company, purchases were made across multiple venues in GBP and EUR as part of its existing buy-back programme announced 05 February 2026.

How many shares did Shell (SHEL) buy and cancel on 20/02/2026?

Shell purchased and cancelled a total of 1,595,356 shares on 20 February 2026. According to the company, the figure is the aggregate of six venue-level trades executed that day.

Which venues executed Shell (SHEL) share purchases on 20 February 2026?

Trades were executed on LSE, Chi-X, BATS, XAMS, CBOE DXE and TQEX. According to the company, purchases were split between GBP and EUR venues under the buy-back programme.

What timeframe and control apply to Shell's (SHEL) buy-back programme?

The buy-back runs from 05 February 2026 up to and including 01 May 2026 with independent execution by Morgan Stanley. According to the company, trades follow pre-set parameters and comply with UK MAR and related rules.

Does Shell (SHEL) say how the purchased shares will be treated after the buy-back?

Shell states the purchased shares were bought for cancellation on 20 February 2026. According to the company, the cancellations form part of the on- and off-market limbs of its announced buy-back programme.