Transaction in Own Shares
Rhea-AI Summary
Shell plc (SHEL) announces that on 25 November 2025 it purchased shares for cancellation as part of its ongoing buy-back programme.
Aggregated purchases reported: 748,395 shares on LSE at a volume-weighted average price of £27.7619 and 750,087 shares on XAMS at a volume-weighted average price of €31.7079, totaling 1,498,482 shares purchased on that date. Purchases form part of the on- and off-market limbs of the programme announced on 30 October 2025, with Merrill Lynch International making independent trading decisions from 30 October 2025 through 30 January 2026.
The programme is being conducted under applicable UK and EU Market Abuse Regulation frameworks and the Company reports a breakdown of individual trades made by Merrill Lynch International.
Positive
- Total shares purchased on 25/11/2025: 1,498,482
- LSE VWAP on 25/11/2025: £27.7619
- XAMS VWAP on 25/11/2025: €31.7079
- Buy-back programme active through 30 January 2026 with independent manager
Negative
- No purchase volumes reported on several listed venues (Chi-X, BATS, CBOE DXE, TQEX) for 25/11/2025
- Purchases concentrated on two venues (LSE and XAMS) on 25/11/2025
Insights
Shell executed routine buyback trades under its existing programme; modest scale and procedural safeguards limit immediate market impact.
Shell purchased a total of 1,498,482 shares for cancellation on
The business mechanism is straightforward: cancelling repurchased shares reduces share count, which can raise per‑share metrics for remaining holders without changing underlying cash generation. The action is procedural and compliant with UK MAR and EU MAR onshoring rules; governance controls (independent broker, pre‑set parameters, shareholder‑approved off‑market contract) limit execution risk and signalling ambiguity.
Key dependencies and risks include the remaining size and timing of the programme, which determine capital allocation trade‑offs, and currency/venue price dispersion seen between LSE and XAMS executions. Monitor the aggregate programme progress and any future disclosures of total spend or remaining authority through
Transaction in Own Shares
25 November, 2025
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Shell plc (the ‘Company’) announces that on 25 November, 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 |
| 25/11/2025 | 748,395 | 27.9850 | 27.5400 | 27.7619 | LSE | GBP |
| 25/11/2025 | - | - | - | - | Chi-X (CXE) | GBP |
| 25/11/2025 | - | - | - | - | BATS (BXE) | GBP |
| 25/11/2025 | 750,087 | 31.9500 | 31.4500 | 31.7079 | XAMS | EUR |
| 25/11/2025 | - | - | - | - | CBOE DXE | EUR |
| 25/11/2025 | - | - | - | - | 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
FAQ
How many shares did Shell (SHEL) buy on 25 November 2025?
What were the VWAPs for Shell (SHEL) share purchases on 25 Nov 2025?
How long will Merrill Lynch trade on behalf of Shell (SHEL) under the buy-back programme?
Are the Shell (SHEL) share purchases part of an existing buy-back programme?
Will Shell (SHEL) cancel the shares it bought on 25 November 2025?
