Transaction in Own Shares

Rhea-AI Summary

Shell (SHEL) purchased 1,089,316 shares for cancellation on 25 March 2026 across six trading venues (LSE, Chi-X, BATS, XAMS, CBOE DXE, TQEX). Purchases used GBP and EUR venues with VWAPs ~34.29 GBP and 39.63 EUR. The transactions form part of the buy-back programme announced 05 February 2026 and are being executed under pre-set parameters with Morgan Stanley trading independently through 01 May 2026.

Positive

• Total shares repurchased: 1,089,316 on 25 March 2026
• Buy-back executed across 6 trading venues (LSE, CXE, BXE, XAMS, DXE, TQEX)
• Executed under existing buy-back programme announced 05 February 2026
• Independent trading agent Morgan Stanley authorised through 01 May 2026

Negative

• None.

Key Figures

Shares repurchased LSE: 306,003 shares Shares repurchased Chi-X: 156,599 shares Shares repurchased BATS: 51,362 shares +5 more

8 metrics

Shares repurchased LSE 306,003 shares 25/03/2026 buy-back, LSE venue

Shares repurchased Chi-X 156,599 shares 25/03/2026 buy-back, Chi-X (CXE)

Shares repurchased BATS 51,362 shares 25/03/2026 buy-back, BATS (BXE)

Shares repurchased XAMS 320,145 shares 25/03/2026 buy-back, XAMS venue

Shares repurchased CBOE DXE 206,654 shares 25/03/2026 buy-back, CBOE DXE

Shares repurchased TQEX 48,553 shares 25/03/2026 buy-back, TQEX venue

Programme start date 05 February 2026 Current buy-back programme period

Programme end date 01 May 2026 End of current buy-back trading period

Market Reality Check

Price: $91.12 Vol: Volume 7,460,579 vs 20-da...

normal vol

$91.12 Last Close

Volume Volume 7,460,579 vs 20-day average 8,198,095 indicates trading slightly below typical activity ahead of this buy-back disclosure. normal

Technical Price at 91.12 trades above the 200-day MA 74.61 and sits about 1.97% below the 52-week high 92.95, indicating a strong longer-term uptrend into this buy-back update.

Peers on Argus

While SHEL gained 0.45%, key integrated peers also showed modest strength: CVX +...

While SHEL gained 0.45%, key integrated peers also showed modest strength: CVX +0.37%, XOM +2.27%, TTE +0.17%, BP +1.31%, PBR +1.70%. No peers appeared in the momentum scanner, suggesting this disclosure fits into a generally firm sector backdrop rather than a distinct momentum event.

Historical Context

5 past events · Latest: Mar 24 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 24	Share buy-back	Positive	+0.5%	Daily disclosure of 430,308 share repurchases for cancellation under ongoing buy-back.
Mar 23	Share buy-back	Positive	+0.3%	Report of 3,208,307 shares bought for cancellation across several venues.
Mar 20	Share buy-back	Positive	-0.8%	Disclosure of 1,331,562 shares repurchased with VWAPs in GBP and EUR.
Mar 19	Share buy-back	Positive	-1.7%	Announcement of 1,578,317 shares repurchased under the February–May programme.
Mar 19	Operational incident	Negative	-1.7%	Update on LNG production shutdown in Qatar following an incident at Ras Laffan.

Pattern Detected

Recent daily buy-back disclosures have produced mixed reactions, with some positive and some negative moves, indicating no consistent short-term trading pattern around these routine announcements.

Recent Company History

This announcement continues Shell’s regular disclosure of share repurchases for cancellation under its buy‑back programme running from 05 February 2026 to 01 May 2026. In recent days, Shell reported multiple “Transaction in Own Shares” notices with daily purchases ranging from hundreds of thousands to several million shares across UK and European venues, executed independently by Morgan Stanley. Alongside these capital-return updates, Shell also reported a shutdown of LNG production in Qatar after an incident on 18 March 2026, highlighting operational risk amid ongoing buy-backs.

Market Pulse Summary

This announcement details another day of on- and off-market repurchases under Shell’s authorised buy...

Analysis

This announcement details another day of on- and off-market repurchases under Shell’s authorised buy-back programme between 05 February 2026 and 01 May 2026, executed independently by Morgan Stanley across UK and European venues. It reinforces an ongoing capital-return pattern seen in prior months and is framed explicitly within UK Listing Rules and EU/UK MAR regulations. Investors may watch cumulative repurchase volumes, operational updates like the Qatar incident, and the share price’s position relative to the 52-week high as context for future disclosures.

Key Terms

share buy-back programme, volume weighted average price, uk listing rules, eu mar, +2 more

6 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.

volume weighted average price technical

"Volume weighted average price paid per share | Venue | Currency"

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.

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

"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”)..."

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.

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..."

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   

25 March 2026

• • • • • • • • • • • • • • • •

Shell plc (the ‘Company’) announces that on 25 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
25/03/2026	306,003	34.4200	33.9800	34.2913	LSE	GBP
25/03/2026	156,599	34.4000	34.0150	34.2877	Chi-X (CXE)	GBP
25/03/2026	51,362	34.4200	34.0500	34.2763	BATS (BXE)	GBP
25/03/2026	320,145	39.7650	39.2700	39.6249	XAMS	EUR
25/03/2026	206,654	39.7600	39.3000	39.6264	CBOE DXE	EUR
25/03/2026	48,553	39.7550	39.4000	39.6268	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_2026-03-25

FAQ

How many shares did Shell (SHEL) repurchase on 25 March 2026?

Shell repurchased 1,089,316 shares on 25 March 2026. According to the company, purchases occurred across six venues with transactions recorded in both GBP and EUR venues, and the shares were bought for cancellation under the existing buy-back programme.

What prices did Shell (SHEL) pay per share during the 25 March 2026 buy-back?

On 25 March 2026, Shell's trades showed GBP VWAPs around 34.29 GBP and EUR VWAPs around 39.63 EUR. According to the company, the table lists highest, lowest and VWAP figures per venue for transparency.

Is Shell's 25 March 2026 share repurchase part of a larger programme for SHEL?

Yes, the 25 March purchases form part of Shell's buy-back programme announced on 05 February 2026. According to the company, the programme includes on- and off-market limbs and is being executed within pre-set parameters and legal rules.

Who executed the buy-back trades for Shell (SHEL) and until when?

Morgan Stanley & Co. International Plc made trading decisions independently on behalf of Shell through 01 May 2026. According to the company, Morgan Stanley executed individual trades under the programme's pre-set parameters.

Which trading venues did Shell use for the 25 March 2026 repurchases?

Shell executed repurchases on six venues: LSE, Chi-X (CXE), BATS (BXE), XAMS, CBOE DXE, and TQEX on 25 March 2026. According to the company, the aggregated table lists per-venue volumes and prices.

Will the repurchased shares be cancelled under Shell's buy-back programme?

Yes, the shares purchased on 25 March 2026 were bought for cancellation. According to the company, the transactions were recorded as purchases for cancellation under the existing buy-back programme announced 05 February 2026.