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.
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.
Update on LNG production shutdown in Qatar following an incident at Ras Laffan.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
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.
Regulatory & Risk Context
Short Interest: 1.03%
Short Interest
1.03% of shares outstanding
as of 2026-05-29Days to cover: 3.91
Key Terms
share buy-back programme, volume weighted average price, uk listing rules, eu mar, +2 more
6 terms
share buy-back programmefinancial
"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 pricetechnical
"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 rulesregulatory
"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 marregulatory
"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 marregulatory
"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 contractfinancial
"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.
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
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.
