Transaction in Own Shares

Rhea-AI Summary

Shell (LSE:SHEL) announced on 04 March 2026 that it purchased 1,949,746 shares for cancellation as part of its existing buy‑back programme announced 05 February 2026. Purchases were executed across multiple venues in GBP and EUR with VWAPs reported per venue.

Trading under the programme is being managed independently by Morgan Stanley & Co. International Plc through 01 May 2026 and complies with UK MAR and EU MAR on‑shored rules.

Positive

• Total shares repurchased: 1,949,746 shares purchased for cancellation
• Programme scope: On‑ and off‑market buyback underway through 01 May 2026
• Independent trading agent: Morgan Stanley makes trading decisions independently

Negative

• Execution price range: Purchases recorded up to 35.6800 EUR per share
• Cash outflow implied: Repurchases occurred across multiple venues, implying immediate cash deployment

Key Figures

Shares repurchased LSE: 612,986 shares Shares repurchased Chi-X: 267,813 shares Shares repurchased BATS: 98,451 shares +5 more

8 metrics

Shares repurchased LSE 612,986 shares 04/03/2026 buy-back, LSE, GBP

Shares repurchased Chi-X 267,813 shares 04/03/2026 buy-back, Chi-X (CXE), GBP

Shares repurchased BATS 98,451 shares 04/03/2026 buy-back, BATS (BXE), GBP

Shares repurchased XAMS 571,906 shares 04/03/2026 buy-back, XAMS, EUR

Shares repurchased CBOE DXE 339,319 shares 04/03/2026 buy-back, CBOE DXE, EUR

Shares repurchased TQEX 59,271 shares 04/03/2026 buy-back, TQEX, EUR

Buy-back start date 05 February 2026 Programme period for Morgan Stanley trading decisions

Buy-back end date 01 May 2026 Programme period for Morgan Stanley trading decisions

Market Reality Check

Price: $82.33 Vol: Volume 10,645,231 is 1.54...

high vol

$82.33 Last Close

Volume Volume 10,645,231 is 1.54x the 20-day average of 6,897,351 shares. high

Technical Price 82.33 is trading above the 200-day MA at 72.99, near the 52-week high of 84.5499.

Peers on Argus

Major peers in Oil & Gas Integrated also traded lower (e.g., XOM -2.32%, TTE -1....

Major peers in Oil & Gas Integrated also traded lower (e.g., XOM -2.32%, TTE -1.6%, CVX -0.92%), but the momentum scanner did not flag a coordinated sector move.

Historical Context

5 past events · Latest: Mar 03 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 03	Share buy-back	Positive	-2.2%	Announcement of 2,060,266 shares purchased and cancelled under buy-back programme.
Mar 02	Share buy-back	Positive	+0.8%	Repurchase of 153,314 shares for cancellation across six trading venues.
Feb 27	Share buy-back	Positive	+2.9%	Purchase of 867,321 shares for cancellation across UK and EU venues.
Feb 27	PDMR shareholding	Positive	+2.9%	Disclosure of senior executive share acquisitions from bonus delivery.
Feb 27	Voting rights update	Neutral	+2.9%	Notification of total voting rights and share capital composition.

Pattern Detected

Recent buy-back and capital structure disclosures have seen mixed reactions, with both positive and negative moves around similar announcements.

Recent Company History

Over late February and early March 2026, Shell reported multiple buy-back transactions and capital updates. On 27 Feb, it detailed voting rights and capital, alongside share repurchases and PDMR share awards, with subsequent +2.87% price moves. Smaller and larger buy-back reports on 02 Mar and 03 Mar saw price changes of +0.85% and -2.24%, highlighting that market reactions to routine repurchase disclosures have not been uniform.

Market Pulse Summary

This announcement details another day of buy-back activity under Shell’s current programme, with hun...

Analysis

This announcement details another day of buy-back activity under Shell’s current programme, with hundreds of thousands of shares repurchased across UK and European venues on 04 March 2026. It continues a sequence of similar disclosures since late February. Investors following this theme may track cumulative shares cancelled, the programme’s timeline to 01 May 2026, and how activity interacts with overall sector trends and valuation near the 52-week high.

Key Terms

share buy-back programme, on-market limb, EU MAR, UK MAR

4 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.

on-market limb financial

"The on-market limb will be effected within certain pre-set parameters..."

An on-market limb is the part of a takeover or share-purchase arrangement where shares are bought directly through the stock exchange at current market prices, rather than through private, negotiated off-exchange deals. For investors it matters because on-market purchases happen publicly and at prevailing prices, which can affect the stock’s trading price, liquidity and how quickly ownership changes hands — like buying items from a store shelf versus arranging a private sale.

EU MAR regulatory

"Article 5 of the Market Abuse Regulation 596/2014/EU dealing with buy-back programmes (“EU MAR”)..."

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

"and EU MAR as “onshored” into UK law... from time to time (“UK MAR”)..."

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      

04 March 2026

• • • • • • • • • • • • • • • •

Shell plc (the ‘Company’) announces that on 04 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
04/03/2026	612,986	31.0000	30.5000	30.7326	LSE	GBP
04/03/2026	267,813	30.9950	30.5000	30.7345	Chi-X (CXE)	GBP
04/03/2026	98,451	30.9950	30.5000	30.7407	BATS (BXE)	GBP
04/03/2026	571,906	35.6800	35.1150	35.3727	XAMS	EUR
04/03/2026	339,319	35.6800	35.1200	35.3700	CBOE DXE	EUR
04/03/2026	59,271	35.6300	35.1200	35.3901	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_2026-03-04

FAQ

What did Shell (SHEL) announce on 04 March 2026 about its shares?

Shell announced it purchased 1,949,746 shares for cancellation on 04 March 2026. According to the company, purchases were part of the buy‑back programme announced 05 February 2026 and executed across several trading venues in GBP and EUR.

How many shares did SHEL buy back on 04 March 2026 and on which venues?

Shell repurchased 1,949,746 shares on 04 March 2026 across LSE, Chi‑X, BATS, XAMS, CBOE DXE and TQEX. According to the company, each venue’s volume weighted average price is reported separately in the announcement.

What does the SHEL buyback programme timeline and management look like?

The buyback runs from 05 February 2026 up to and including 01 May 2026 under an independent trading mandate. According to the company, Morgan Stanley & Co. International Plc will make trading decisions independently for the programme.

What prices did Shell pay per share during the 04 March 2026 purchases?

Prices on 04 March 2026 ranged by venue with VWAPs around 30.73 GBP and 35.37–35.39 EUR. According to the company, the announcement lists highest, lowest and volume weighted average prices for each venue.

How will the SHEL share purchases affect existing shareholders?

The share cancellations reduce the company’s outstanding share count, potentially increasing EPS for remaining shareholders. According to the company, purchases were executed for cancellation under the pre‑set buyback parameters previously approved.