Transaction in Own Shares

Rhea-AI Summary

Shell (SHEL) announced that on 08 December 2025 it purchased shares for cancellation under its existing buy-back programme first announced on 30 October 2025.

Aggregated trades on 08/12/2025 by venue: 697,461 shares on LSE at VWAP £27.4920, 42,067 shares on BATS at VWAP £27.5299, and 740,816 shares on XAMS at VWAP €31.5324. Purchases on some venues showed no trades.

The programme is managed by Merrill Lynch International (independent trading decisions) and runs through 30 January 2026, and is conducted under UK MAR/EU MAR and the company’s repurchase authorities.

Positive

• Total of 1,480,344 shares purchased on 08/12/2025
• Buy-back executed across multiple venues (LSE, BATS, XAMS)
• Programme managed by Merrill Lynch International independently until 30/01/2026

Negative

• No disclosure of outstanding shares or buy-back percent to assess materiality
• Purchases on several venues recorded as no trades, showing limited market coverage on those venues

Key Figures

Shares repurchased LSE 697,461 shares 08 December 2025, for cancellation on LSE

VWAP LSE 27.4920 GBP Volume weighted average price per share, LSE 08/12/2025

Shares repurchased BATS 42,067 shares 08 December 2025, for cancellation on BATS (BXE)

VWAP BATS 27.5299 GBP Volume weighted average price per share, BATS 08/12/2025

Shares repurchased XAMS 740,816 shares 08 December 2025, for cancellation on XAMS

VWAP XAMS 31.5324 EUR Volume weighted average price per share, XAMS 08/12/2025

Programme start 30 October 2025 Start of current buy-back period with Merrill Lynch International

Programme end 30 January 2026 Scheduled end of current buy-back trading period

Market Reality Check

$73.01 Last Close

Volume Volume 4,595,686 vs 20-day average 4,147,753 (relative volume 1.11x). normal

Technical Price 73.01 is trading above the 70.54 200-day MA, indicating a pre-news uptrend.

Peers on Argus

Major peers in Oil & Gas Integrated were also weaker, with CVX -1.32%, XOM -0.18%, TTE -1.14%, BP -1.02%, and PBR -5.38%, suggesting sector pressure alongside SHEL’s -2% move.

Common Catalyst TotalEnergies (TTE) also reported a 'Disclosure of Transactions in Own Shares', indicating multiple integrated majors continued buy-back activity.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 04	Share buy-back	Positive	-0.8%	Disclosure of 1,457,504 shares repurchased for cancellation across LSE and XAMS.
Dec 04	Debt exchange offers	Positive	-0.8%	Final results of $6.35B note exchange to migrate debt to Shell Finance US.
Dec 02	Share buy-back	Positive	-0.5%	Buy-back disclosure for LSE and XAMS trades under October 30 programme.
Nov 28	Share buy-back	Positive	+0.5%	Announcement of 1,486,151 shares repurchased and cancelled across main venues.
Nov 28	Voting rights update	Neutral	+0.5%	Update on total voting rights and share count for disclosure threshold purposes.

Pattern Detected

Recent buy-back and capital-structure announcements often coincided with flat to slightly negative 24h price moves, suggesting limited immediate upside reaction to these updates.

Recent Company History

Over the last few weeks, Shell has repeatedly disclosed on- and off-market share repurchases for cancellation under its buy-back programme announced on 30 October 2025, with trades across LSE, XAMS and other venues. A separate December 4, 2025 announcement detailed exchange offers for $6,347,729,000 of notes to optimize capital structure. A voting rights update on 28 November 2025 confirmed 5,750,420,233 ordinary shares in issue. Today’s buy-back disclosure continues this pattern of capital return and detailed trading transparency.

Market Pulse Summary

This announcement details further execution under Shell’s share buy-back programme, with shares repurchased for cancellation on LSE, BATS and XAMS at VWAPs of 27.4920 GBP, 27.5299 GBP and 31.5324 EUR. It extends the pattern of frequent buy-back disclosures since 30 October 2025. Investors may track cumulative repurchase volumes, changes in voting rights, and how these capital-return actions intersect with broader Energy-sector moves and future regulatory filings.

Key Terms

volume weighted average price financial

"Volume weighted average price paid per share"

The volume weighted average price (VWAP) is a way to measure the average price of a security, such as a stock, over a specific period, taking into account how many units were traded at each price. It’s similar to calculating the average cost of items bought when some are more frequently purchased than others. Investors use VWAP to assess whether a security is being bought or sold at a fair price during trading.

share buy-back programme financial

"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

"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.

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   

08 December, 2025

• • • • • • • • • • • • • • • •

Shell plc (the ‘Company’) announces that on 08 December, 2025 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
08/12/2025	697,461	27.6500	27.3300	27.4920	LSE	GBP
08/12/2025	-	-	-	-	Chi-X (CXE)	GBP
08/12/2025	42,067	27.6050	27.4600	27.5299	BATS (BXE)	GBP
08/12/2025	740,816	31.6850	31.3500	31.5324	XAMS	EUR
08/12/2025	-	-	-	-	CBOE DXE	EUR
08/12/2025	-	-	-	-	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

• 2025.12.08 Shell RNS (with fills)

FAQ

How many Shell (SHEL) shares were bought back on 08 December 2025?

Shell purchased an aggregated 1,480,344 shares on 08/12/2025 (697,461 LSE; 42,067 BATS; 740,816 XAMS).

What were the VWAP prices for SHEL share purchases on 08 December 2025?

VWAPs reported were £27.4920 (LSE), £27.5299 (BATS), and €31.5324 (XAMS) for trades on 08/12/2025.

Is Shell's buy-back programme (SHEL) still active and who manages it?

Yes; the programme runs to 30 January 2026 and trading decisions are made independently by Merrill Lynch International.

Were all trading venues active for Shell (SHEL) buy-backs on 08 December 2025?

No; several venues (Chi-X, CBOE DXE, TQEX) showed no trades on 08/12/2025.

Under what rules is Shell (SHEL) conducting the buy-back programme?

The programme is conducted under Chapter 9 UK Listing Rules and UK MAR/EU MAR (including delegated regulations) as onshored into UK law.