Transaction in Own Shares

Rhea-AI Summary

Shell (SHEL) purchased 3,208,307 shares for cancellation on 23 March 2026 across multiple trading venues in GBP and EUR.

These purchases form part of the on‑ and off‑market limbs of the existing buy‑back programme announced 05 February 2026, with Morgan Stanley trading independently through 01 May 2026.

Positive

• 3,208,307 shares repurchased for cancellation on 23 March 2026
• Buy‑back programme runs from 05 February 2026 to 01 May 2026
• Trades executed across six venues in GBP and EUR
• Morgan Stanley trading independently under preset parameters

Negative

• VWAP dispersion ~15.6% between GBP (~33.57) and EUR (~38.83) venues on 23 March 2026

News Market Reaction – SHEL

+0.30%

1 alert

+0.30% News Effect

On the day this news was published, SHEL gained 0.30%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Shares repurchased (LSE): 1,062,033 shares VWAP (LSE): £33.5698 per share Shares repurchased (Chi-X CXE): 382,952 shares +5 more

8 metrics

Shares repurchased (LSE) 1,062,033 shares Bought for cancellation on 23/03/2026, LSE, GBP

VWAP (LSE) £33.5698 per share Volume weighted average price, 23/03/2026 LSE purchases

Shares repurchased (Chi-X CXE) 382,952 shares Bought for cancellation on 23/03/2026, Chi-X (CXE), GBP

VWAP (Chi-X CXE) £33.5874 per share Volume weighted average price, 23/03/2026 Chi-X CXE purchases

Shares repurchased (BATS BXE) 182,137 shares Bought for cancellation on 23/03/2026, BATS (BXE), GBP

VWAP (BATS BXE) £33.6147 per share Volume weighted average price, 23/03/2026 BATS BXE purchases

Shares repurchased (XAMS) 1,010,590 shares Bought for cancellation on 23/03/2026, XAMS, EUR

VWAP (XAMS) €38.8270 per share Volume weighted average price, 23/03/2026 XAMS purchases

Market Reality Check

Price: $91.12 Vol: Volume 10,623,291 is 38% ...

normal vol

$91.12 Last Close

Volume Volume 10,623,291 is 38% above 20-day average 7,685,264, indicating elevated trading interest before this disclosure. normal

Technical Price at 90.415 is trading above 200-day MA 74.38 and sits 2.73% below the 52-week high.

Peers on Argus

SHEL was down 0.82% with mixed peer moves: CVX and XOM slightly positive, while ...

1 Down

SHEL was down 0.82% with mixed peer moves: CVX and XOM slightly positive, while TTE, BP and PBR were negative. Momentum scanner only flagged EQNR down 5.35%, supporting a stock-specific rather than broad sector move.

Historical Context

5 past events · Latest: Mar 19 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 19	Share buy-back	Neutral	-1.7%	Daily report of shares purchased and cancelled under ongoing buy-back programme.
Mar 19	Operational update	Negative	-1.7%	Qatar LNG production shut since early March after incident; assessments ongoing.
Mar 18	Share buy-back	Neutral	+0.8%	Disclosure of 1,618,100 shares repurchased and cancelled across multiple venues.
Mar 17	Share buy-back	Neutral	+1.6%	Update on 559,910 shares bought back and cancelled under February–May programme.
Mar 16	Share buy-back	Neutral	+1.8%	Announcement of daily repurchases across UK and Dutch venues for cancellation.

Pattern Detected

Recent daily buy-back disclosures have seen mixed price reactions, with some sessions posting gains and others modest declines despite similar repurchase activity.

Recent Company History

Over 16–19 March 2026, Shell reported a series of “Transaction in Own Shares” updates tied to the current buy-back programme running from 05 February to 01 May 2026. Daily cancellations ranged from 559,910 to over 1.6 million shares across LSE, Chi-X, BATS, XAMS, CBOE DXE and TQEX. Price reactions over the following 24 hours varied between about -1.68% and +1.77%, indicating that routine buy-back disclosures have not yielded a consistent directional pattern ahead of today’s similar announcement.

Market Pulse Summary

This announcement details another day of share repurchases and cancellations under Shell’s existing ...

Analysis

This announcement details another day of share repurchases and cancellations under Shell’s existing buy-back programme, including purchases across LSE, Chi-X, BATS, XAMS, CBOE DXE and TQEX on 23 March 2026. Recent history from 16–19 March 2026 shows that similar daily disclosures produced both positive and negative price moves. Investors may track the cumulative shares cancelled, the programme’s end date of 01 May 2026, and any concurrent operational updates when assessing the overall impact.

Key Terms

share buy-back programme, uk listing rules, 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.

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.

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.

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.

AI-generated analysis. Not financial advice.

Transaction in Own Shares   

23 March 2026

• • • • • • • • • • • • • • • •

Shell plc (the ‘Company’) announces that on 23 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
23/03/2026	1,062,033	34.2150	32.7900	33.5698	LSE	GBP
23/03/2026	382,952	34.2050	32.8050	33.5874	Chi-X (CXE)	GBP
23/03/2026	182,137	34.1900	32.8750	33.6147	BATS (BXE)	GBP
23/03/2026	1,010,590	39.4650	38.0150	38.8270	XAMS	EUR
23/03/2026	468,153	39.4650	37.9150	38.8311	CBOE DXE	EUR
23/03/2026	102,442	39.4650	37.9050	38.8274	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_2026-03-23

FAQ

How many Shell (SHEL) shares were repurchased on 23 March 2026?

Shell repurchased 3,208,307 shares for cancellation on 23 March 2026. According to Shell, the purchases were executed across multiple venues in GBP and EUR as part of the ongoing buy‑back programme announced 05 February 2026.

What period does Shell's buy‑back programme (SHEL) cover and who is trading?

The buy‑back runs from 05 February 2026 to 01 May 2026. According to Shell, Morgan Stanley & Co. International Plc will make independent trading decisions on behalf of the company during that period.

Which trading venues and currencies were used for SHEL purchases on 23 March 2026?

Trades were executed on six venues including LSE, Chi‑X, BATS, XAMS, CBOE DXE and TQEX in GBP and EUR. According to Shell, the breakdown of individual trades and VWAPs is provided in the company disclosure.

Were the repurchased Shell (SHEL) shares bought on‑market or off‑market?

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

What were the volume weighted average prices (VWAP) for SHEL on 23 March 2026?

VWAPs reported were approximately 33.57 GBP for GBP venues and 38.83 EUR for EUR venues on 23 March 2026. According to Shell, those VWAPs reflect trades executed across the stated venues that day.