Transaction in Own Shares

Rhea-AI Summary

Shell (SHEL) purchased 2,433,525 shares for cancellation on 08 January 2026 across multiple trading venues (LSE, Chi-X, XAMS, CBOE), as part of its on- and off-market buy-back programme announced 30 October 2025.

Purchases were executed under preset parameters and in compliance with UK MAR and EU MAR rules, with Merrill Lynch International making independent trading decisions for the programme period 30 October 2025 to 30 January 2026. VWAPs reported per venue ranged from GBP 25.6162–25.7776 and EUR 29.6339–29.7961.

Positive

• Aggregated purchases of 2,433,525 shares for cancellation on 08/01/2026
• Buy-back executed across multiple venues (LSE, Chi-X, XAMS, CBOE), supporting liquidity
• Programme operated under preset parameters and UK MAR/EU MAR compliance

Negative

• Cash deployed to repurchase shares on 08/01/2026 (amount implicit from VWAPs and volumes)
• Buy-back programme scheduled to end 30 January 2026, limiting future repurchases in this tranche

News Market Reaction

-1.72%

1 alert

-1.72% News Effect

On the day this news was published, SHEL declined 1.72%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

LSE shares purchased: 1,220,650 shares LSE VWAP: £25.7776 per share Chi-X shares purchased: 16,399 shares +5 more

8 metrics

LSE shares purchased 1,220,650 shares Repurchased on 08/01/2026 on LSE for cancellation

LSE VWAP £25.7776 per share Volume weighted average price on LSE 08/01/2026

Chi-X shares purchased 16,399 shares Repurchased on 08/01/2026 on Chi-X (CXE) for cancellation

Chi-X VWAP £25.6162 per share Volume weighted average price on Chi-X (CXE) 08/01/2026

XAMS shares purchased 1,137,703 shares Repurchased on 08/01/2026 on XAMS for cancellation

XAMS VWAP €29.7961 per share Volume weighted average price on XAMS 08/01/2026

CBOE DXE shares purchased 58,773 shares Repurchased on 08/01/2026 on CBOE DXE for cancellation

Programme window 30 Oct 2025 – 30 Jan 2026 Period in which Merrill Lynch International executes buy-backs

Market Reality Check

Price: $74.35 Vol: Volume 4,910,593 is 1.26x...

normal vol

$74.35 Last Close

Volume Volume 4,910,593 is 1.26x the 20-day average of 3,911,253 shares. normal

Technical Trading slightly above the 200-day MA with price 71.54 vs MA 71.05.

Peers on Argus

SHEL was down 1.87% with peers mixed: CVX -1.42%, XOM -1.09%, while TTE, BP, and...

SHEL was down 1.87% with peers mixed: CVX -1.42%, XOM -1.09%, while TTE, BP, and PBR showed small gains.

Historical Context

5 past events · Latest: Jan 06 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 06	Share buy-back update	Neutral	-2.8%	Disclosure of 1,472,298 shares repurchased by venue under buy-back programme.
Jan 05	Share buy-back update	Neutral	-0.5%	Disclosure of 1,500,136 shares repurchased and venue-level VWAP details.
Jan 02	Share buy-back update	Neutral	+2.7%	Disclosure of 1,479,234 shares bought back across LSE and XAMS venues.
Dec 31	Voting rights update	Neutral	-0.5%	Update on total voting rights and share capital as of year-end 2025.
Dec 31	Share buy-back update	Neutral	-0.5%	Disclosure of LSE and XAMS repurchases for cancellation under buy-back.

Pattern Detected

Recent buy-back disclosures show mixed next-day moves, with both gains and declines following similar announcements.

Recent Company History

Over the past weeks, Shell has repeatedly reported daily share repurchases for cancellation under its buy-back programme announced on 30 October 2025. Disclosures on 31 Dec 2025, 2 Jan 2026, 5 Jan 2026, and 6 Jan 2026 all outlined venue-level volumes and prices, executed independently by Merrill Lynch International and in compliance with UK/EU MAR rules. A separate 31 Dec 2025 filing updated total voting rights. Today’s announcement continues this ongoing capital return pattern.

Market Pulse Summary

This announcement details additional on- and off-market share repurchases on 08 January 2026 across ...

Analysis

This announcement details additional on- and off-market share repurchases on 08 January 2026 across multiple venues, executed independently by Merrill Lynch International under the buy-back programme running to 30 January 2026. It reinforces Shell’s ongoing capital return through cancellations and confirms compliance with UK MAR, EU MAR, and UK Listing Rules. Investors may track cumulative buy-back volumes, venue pricing, and how these disclosures intersect with broader energy-sector developments.

Key Terms

buy-back programme, off-market buyback contract, uk listing rules, eu mar, +2 more

6 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.

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..."

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..."

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..."

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.

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   

08 January, 2026

• • • • • • • • • • • • • • • •

Shell plc (the ‘Company’) announces that on 08 January, 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
08/01/2026	1,220,650	26.3000	25.5400	25.7776	LSE	GBP
08/01/2026	16,399	25.6250	25.6050	25.6162	Chi-X (CXE)	GBP
08/01/2026	-	-	-	-	BATS (BXE)	GBP
08/01/2026	1,137,703	30.4100	29.5500	29.7961	XAMS	EUR
08/01/2026	58,773	29.6500	29.6150	29.6339	CBOE DXE	EUR
08/01/2026	-	-	-	-	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 30 October 2025.

In respect of this programme, Merrill Lynch International will make trading decisions in relation to the securities independently of the Company for a period from 30 October 2025 up to and including 30 January 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 Merrill Lynch International 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

• 2026.01.08 Shell RNS (with fills)

FAQ

How many shares did Shell (SHEL) repurchase on 08 January 2026?

Shell repurchased an aggregated 2,433,525 shares for cancellation on 08 January 2026.

Which venues did Shell (SHEL) use for the 08/01/2026 buybacks?

Repurchases on 08/01/2026 were reported on LSE, Chi-X (CXE), XAMS and CBOE DXE.

What price ranges did Shell (SHEL) pay for shares on 08 January 2026?

Reported highest/lowest prices varied by venue; GBP VWAPs ~25.6162–25.7776, EUR VWAPs ~29.6339–29.7961.

Is the 08 Jan 2026 repurchase part of an ongoing Shell (SHEL) programme?

Yes. The purchases form part of the on- and off-market buy-back programme announced 30 October 2025.

Who made trading decisions for Shell's (SHEL) buy-back programme?

Merrill Lynch International made trading decisions independently on behalf of Shell for the programme period.

When does Shell's (SHEL) current buy-back programme period end?

The stated independent trading period for the programme runs up to and including 30 January 2026.