Transaction in Own Shares

Rhea-AI Summary

Shell (SHEL) purchased and cancelled 1,337,682 shares on 31 March 2026 as part of its ongoing buy-back programme announced 05 February 2026. Morgan Stanley & Co. International Plc is executing independently through on- and off-market limbs until 01 May 2026.

Purchases occurred across multiple venues in GBP and EUR with volume-weighted average prices reported per venue and trades to be effected under UK MAR and EU MAR onshore rules.

Positive

• 1,337,682 shares purchased and cancelled on 31 March 2026
• Buy-back executed across six trading venues in GBP and EUR
• Morgan Stanley making independent trading decisions until 01 May 2026
• Transactions conducted under UK MAR and EU MAR onshored rules

Negative

• Release does not state the aggregate cash amount spent across GBP and EUR trades

News Market Reaction – SHEL

+0.28%

1 alert

+0.28% News Effect

On the day this news was published, SHEL gained 0.28%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Shares repurchased LSE: 404,954 shares Shares repurchased Chi-X: 188,815 shares Shares repurchased BATS: 77,735 shares +5 more

8 metrics

Shares repurchased LSE 404,954 shares 31/03/2026, cancellation via LSE in GBP

Shares repurchased Chi-X 188,815 shares 31/03/2026, cancellation via Chi-X (CXE) in GBP

Shares repurchased BATS 77,735 shares 31/03/2026, cancellation via BATS (BXE) in GBP

Shares repurchased XAMS 398,108 shares 31/03/2026, cancellation via XAMS in EUR

Shares repurchased CBOE DXE 229,377 shares 31/03/2026, cancellation via CBOE DXE in EUR

Shares repurchased TQEX 38,693 shares 31/03/2026, cancellation via TQEX in EUR

VWAP LSE (GBP) 35.6421 31/03/2026 volume-weighted average price per share

VWAP XAMS (EUR) 40.9697 31/03/2026 volume-weighted average price per share

Market Reality Check

Price: $87.81 Vol: Volume 9,023,762 is about...

normal vol

$87.81 Last Close

Volume Volume 9,023,762 is about 1.11x the 20-day average of 8,155,802, indicating slightly elevated trading activity before this disclosure. normal

Technical Price at 92.74 is trading above the 200-day MA of 75.07, keeping the pre-news trend firmly positive and close to the 52-week high of 94.095.

Peers on Argus

SHEL was up 0.62% while key peers were mixed: CVX -1.17%, XOM -0.6%, TTE -0.27%,...

SHEL was up 0.62% while key peers were mixed: CVX -1.17%, XOM -0.6%, TTE -0.27%, PBR -0.1%, and BP +0.16%. This divergence points to a stock-specific driver rather than a broad sector rotation.

Common Catalyst Another major peer, TotalEnergies (TTE), also reported a 'Disclosure of Transactions in Own Shares' today, highlighting concurrent buy-back activity among large integrated oils.

Historical Context

5 past events · Latest: Mar 30 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 30	Daily share buyback	Positive	+0.6%	Disclosure of 472,613 shares repurchased for cancellation across UK and EU venues.
Mar 27	Daily share buyback	Positive	+0.0%	1,558,275 shares bought and cancelled under the existing buy-back programme.
Mar 26	Daily share buyback	Positive	+0.3%	Repurchase and cancellation of 1,189,832 ordinary shares on multiple venues.
Mar 25	Daily share buyback	Positive	+0.8%	1,089,316 shares purchased for cancellation under the ongoing programme.
Mar 24	Daily share buyback	Positive	+0.5%	430,308 shares repurchased and cancelled across six UK and EU trading venues.

Pattern Detected

Recent buy-back disclosures have coincided with a series of modest positive daily moves following the announcements, suggesting the market has been treating these routine cancellations constructively.

Recent Company History

Over the last several sessions, Shell has repeatedly reported daily share repurchases for cancellation under its buy-back programme running from 05 February 2026 to 01 May 2026. From 24–30 March 2026, each update detailed multi-venue purchases in both GBP and EUR, executed independently by Morgan Stanley within pre-set parameters and in compliance with EU MAR and UK MAR. These releases were followed by small positive price reactions, reinforcing a consistent pattern of market reception to ongoing capital return activity.

Market Pulse Summary

This announcement details another day of share repurchases for cancellation under Shell’s ongoing bu...

Analysis

This announcement details another day of share repurchases for cancellation under Shell’s ongoing buy-back programme running from 05 February 2026 to 01 May 2026. Trades were executed across UK and European venues in GBP and EUR by Morgan Stanley under pre-set parameters and in full compliance with EU MAR and UK MAR. In light of multiple similar disclosures over recent days, investors can track cumulative buy-back activity, execution venues, and prices, alongside Shell’s position near its 52-week high.

Key Terms

share buy-back programme, off-market buyback contract, uk listing rules, eu 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.

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

"...from time to time (“UK MAR”) and the Commission Delegated Regulation (EU) 2016/1052 (the “EU MAR Delegated Regulation”)..."

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      

31 March 2026

• • • • • • • • • • • • • • • •

Shell plc (the ‘Company’) announces that on 31 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
31/03/2026	404,954	35.9100	35.2400	35.6421	LSE	GBP
31/03/2026	188,815	35.9050	35.2850	35.6358	Chi-X (CXE)	GBP
31/03/2026	77,735	35.9050	35.3250	35.6440	BATS (BXE)	GBP
31/03/2026	398,108	41.3200	40.6500	40.9697	XAMS	EUR
31/03/2026	229,377	41.3150	40.5850	40.9828	CBOE DXE	EUR
31/03/2026	38,693	41.3250	40.6600	40.9893	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_2026-03-31

FAQ

How many shares did Shell (SHEL) buy back and cancel on 31 March 2026?

Shell bought and cancelled 1,337,682 shares on 31 March 2026. According to the company, purchases were executed across multiple venues with VWAPs reported per venue.

Which broker executed Shell's (SHEL) buy-back trades and until when will it trade?

Morgan Stanley & Co. International Plc is executing the buy-back independently until 01 May 2026. According to the company, Morgan Stanley will make trading decisions from 05 February 2026 through 01 May 2026.

What trading venues and currencies were used for Shell's (SHEL) 31 March 2026 purchases?

Purchases occurred on LSE, Chi-X, BATS, XAMS, CBOE DXE and TQEX in GBP and EUR. According to the company, volume-weighted average prices are reported for each venue.

Are Shell's (SHEL) buy-back transactions on 31 March 2026 compliant with market rules?

Yes. The transactions were conducted under UK MAR and the EU MAR Delegated Regulation as onshored into UK law. According to the company, the programme follows Chapter 9 of the UK Listing Rules.

Was the total cash amount spent by Shell (SHEL) on 31 March 2026 disclosed?

No. The company disclosed share counts and VWAPs per venue but did not provide an aggregate cash total for the purchases. According to the company, only per-venue VWAPs and share counts are included.