Transaction in Own Shares

Rhea-AI Summary

Shell (SHEL) purchased shares for cancellation on 11 March 2026 across multiple trading venues in both GBP and EUR. Trades were executed by Morgan Stanley & Co. International Plc under the Company's buy-back programme running from 05 February 2026 to 01 May 2026.

Reported per-venue volume weighted average prices were approximately GBP 31.97 and EUR 36.98, with trades listed for LSE, Chi-X, BATS, XAMS, CBOE DXE and TQEX. Purchases form part of the on- and off-market limbs and comply with UK MAR and EU MAR rules.

News Market Reaction – SHEL

+2.69%

1 alert

+2.69% News Effect

On the day this news was published, SHEL gained 2.69%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Shares purchased (LSE): 209,376 shares VWAP (LSE, GBP): 31.9720 GBP Shares purchased (Chi-X): 91,272 shares +5 more

8 metrics

Shares purchased (LSE) 209,376 shares Repurchased for cancellation on 11/03/2026 at LSE

VWAP (LSE, GBP) 31.9720 GBP Volume weighted average price on 11/03/2026 at LSE

Shares purchased (Chi-X) 91,272 shares Repurchased for cancellation on 11/03/2026 at Chi-X (CXE)

VWAP (Chi-X, GBP) 31.9888 GBP Volume weighted average price on 11/03/2026 at Chi-X (CXE)

Shares purchased (XAMS) 197,380 shares Repurchased for cancellation on 11/03/2026 at XAMS

VWAP (XAMS, EUR) 36.9849 EUR Volume weighted average price on 11/03/2026 at XAMS

Programme start date 05 February 2026 Buy-back programme period start for current mandate

Programme end date 01 May 2026 End of current on- and off-market buy-back mandate

Market Reality Check

Price: $91.09 Vol: Volume 8,613,937 is 28% a...

normal vol

$91.09 Last Close

Volume Volume 8,613,937 is 28% above the 20-day average of 6,751,511. normal

Technical Price 85.11 is trading above the 200-day MA at 73.43 and within 1.92% of the 52-week high 86.78.

Peers on Argus

SHEL slipped 0.56% while large peers were mixed: CVX -1.24%, XOM -0.75%, BP -1.1...

1 Up

SHEL slipped 0.56% while large peers were mixed: CVX -1.24%, XOM -0.75%, BP -1.18%, TTE +0.41%, PBR +0.45%, pointing to a stock-specific move around the buyback disclosure.

Historical Context

5 past events · Latest: Mar 09 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 09	Share buy-back	Positive	+1.1%	Disclosure of 295,391 shares repurchased and cancelled under ongoing buy-back.
Mar 09	PDMR dealings	Neutral	+1.1%	Notifications of share disposals by two PDMRs on March 5–6, 2026.
Mar 06	Share buy-back	Positive	+2.1%	Announcement of 776,817 ordinary shares repurchased for cancellation.
Mar 05	Share buy-back	Positive	+0.3%	Update on 1,109,500 shares bought back and cancelled across six venues.
Mar 05	PDMR awards vesting	Neutral	+0.3%	Vesting of 2023 LTIP awards delivering nil-price ordinary shares to PDMRs.

Pattern Detected

Recent buyback and management dealing disclosures have generally coincided with modest positive next-day price moves.

Recent Company History

Over the last week, Shell has repeatedly reported buy-back activity and PDMR share dealings. Buy-back updates on Mar 05, Mar 06 and Mar 09 detailed cancellations of 1,109,500, 776,817 and 295,391 shares, with next-day reactions between 0.29% and 2.12%. PDMR-related releases on Mar 05–06 and Mar 09 also saw modest gains. Today’s announcement continues this pattern of regular capital return disclosures under the ongoing programme.

Market Pulse Summary

This announcement reports another day of share repurchases for cancellation across multiple venues a...

Analysis

This announcement reports another day of share repurchases for cancellation across multiple venues as part of Shell’s buy-back programme running from 05 February 2026 to 01 May 2026. It reinforces ongoing capital return under predefined parameters and within EU and UK market abuse rules. In context of several similar disclosures in early March with modest positive reactions, investors may watch the cumulative scale of cancellations and any changes to programme duration or structure.

Key Terms

on- and off-market limbs, share buy-back programme, off-market buyback contract, UK Listing Rules, +2 more

6 terms

on- and off-market limbs financial

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

On- and off-market limbs refer to different parts or sections of a financial transaction or sale process. The "on-market" limb involves activities or assets that are openly available and can be bought or sold through public channels, like stock exchanges. The "off-market" limb includes private or non-public transactions that happen directly between parties, often outside of formal exchanges. Understanding these helps investors grasp how assets are bought and sold, and the level of transparency involved.

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 previously announced on 05 February 2026."

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.

off-market buyback contract financial

"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"

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.

UK Listing Rules regulatory

"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"

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

"dealing with buy-back programmes (“EU MAR”) and EU MAR as “onshored” into UK law from the end of the Brexit transition period"

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, supplemented, restated, novated, substituted or replaced by the Financial Services Act, 2021 and relevant statutory instruments ... 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      

11 March 2026

• • • • • • • • • • • • • • • •

Shell plc (the ‘Company’) announces that on 11 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
11/03/2026	209,376	32.3200	31.5850	31.9720	LSE	GBP
11/03/2026	91,272	32.2950	31.6500	31.9888	Chi-X (CXE)	GBP
11/03/2026	27,868	32.3250	31.6000	31.9678	BATS (BXE)	GBP
11/03/2026	197,380	37.4350	36.5350	36.9849	XAMS	EUR
11/03/2026	120,833	37.4200	36.5750	36.9863	CBOE DXE	EUR
11/03/2026	21,436	37.2000	36.6900	36.9236	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_2026-03-11

FAQ

What shares did Shell (SHEL) buy on 11 March 2026?

Shell purchased multiple blocks of its own shares on 11 March 2026 for cancellation, executed across LSE, Chi-X, BATS, XAMS, CBOE DXE and TQEX. According to Shell, trades were part of its ongoing buy-back programme conducted under on- and off-market procedures.

What prices did Shell (SHEL) pay in the 11 March 2026 buyback?

Shell's reported volume weighted average prices were about GBP 31.97 and EUR 36.98 on 11 March 2026. According to Shell, individual trades showed highest and lowest prices per venue with VWAPs disclosed per trading venue in the announcement.

Who executed the Shell (SHEL) buyback trades on behalf of the company?

Morgan Stanley & Co. International Plc executed the trades independently for Shell under the buy-back programme. According to Shell, Morgan Stanley will make trading decisions from 05 February 2026 up to and including 01 May 2026.

Is the Shell (SHEL) buyback on 11 March 2026 on-market or off-market?

The transactions on 11 March 2026 formed part of both the on-market and off-market limbs of Shell's buy-back programme. According to Shell, on-market trades followed pre-set parameters and off-market trades complied with the shareholder-approved contract.

How long will Shell's (SHEL) buy-back programme run that included the 11 March 2026 purchases?

Shell's buy-back programme runs from 05 February 2026 through and including 01 May 2026. According to Shell, the programme is being conducted in compliance with Chapter 9 of the UK Listing Rules and applicable MAR requirements.