Transaction in Own Shares

Rhea-AI Summary

Shell (SHEL) purchased and cancelled 1,382,321 shares on 28 April 2026 as part of its on- and off-market buy-back programme announced 05 February 2026. Purchases occurred across LSE, Chi-X, BATS, XAMS, CBOE DXE and TQEX in GBP and EUR.

The buyback was executed under pre-set parameters by Morgan Stanley & Co. International Plc, with the programme running through 01 May 2026 and complying with UK MAR and EU MAR rules as onshored into UK law.

Positive

• Purchased 1,382,321 shares for cancellation on 28 April 2026
• Buyback executed across 6 trading venues (LSE, Chi-X, BATS, XAMS, CBOE DXE, TQEX)
• Programme operated under independent broker trading by Morgan Stanley through 01 May 2026

Negative

• Share purchases require cash outflow; exact cash total not disclosed in the announcement
• No company-wide impact metrics or remaining programme capacity disclosed in this notice

News Market Reaction – SHEL

+0.78%

1 alert

+0.78% News Effect

On the day this news was published, SHEL gained 0.78%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Shares repurchased LSE: 421,980 shares VWAP LSE: 32.9244 GBP Shares repurchased Chi-X: 178,975 shares +5 more

8 metrics

Shares repurchased LSE 421,980 shares 28/04/2026, for cancellation on LSE in GBP

VWAP LSE 32.9244 GBP Volume weighted average price on 28/04/2026 LSE purchases

Shares repurchased Chi-X 178,975 shares 28/04/2026, for cancellation on Chi-X (CXE) in GBP

Shares repurchased BATS 93,685 shares 28/04/2026, for cancellation on BATS (BXE) in GBP

Shares repurchased XAMS 410,003 shares 28/04/2026, for cancellation on XAMS in EUR

VWAP XAMS 38.0214 EUR Volume weighted average price on 28/04/2026 XAMS purchases

Programme start date 05 February 2026 Start of current share buy-back period managed by Morgan Stanley

Programme end date 01 May 2026 End of current period for independent trading decisions

Market Reality Check

Price: $88.91 Vol: Volume 19,824,310 is 2.55...

high vol

$88.91 Last Close

Volume Volume 19,824,310 is 2.55x the 20-day average of 7,780,252, indicating elevated trading activity before this disclosure. high

Technical At 86.91, price is trading above the 200-day MA of 76.92, reflecting a longer-term uptrend despite today’s pullback.

Peers on Argus

SHEL fell 2.49% with heavy volume, while key peers CVX, XOM, TTE, BP, and PBR al...

SHEL fell 2.49% with heavy volume, while key peers CVX, XOM, TTE, BP, and PBR also showed negative moves (from about -0.64% to -1.69%), but no peers appeared in the momentum scanner, suggesting stock-specific drivers rather than a flagged sector-wide rotation.

Common Catalyst Both SHEL and TTE reported 'transactions in own shares' on the same day, reflecting ongoing buy-back activity across large integrated oil peers.

Historical Context

5 past events · Latest: Apr 27 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Apr 27	Acquisition announcement	Positive	-2.5%	Agreement to acquire ARC Resources, adding production and reserves via cash and shares.
Apr 24	Share buyback update	Positive	-0.2%	Repurchase and cancellation of 1,449,248 shares under ongoing buy-back programme.
Apr 23	Share buyback update	Positive	-0.3%	Cancellation of 1,316,305 shares across UK and Dutch venues as part of buy-backs.
Apr 22	Share buyback update	Positive	+1.0%	Purchase and cancellation of 1,247,760 shares with VWAPs disclosed for key venues.
Apr 21	Share buyback update	Positive	+0.8%	Buy-back of 1,309,220 shares for cancellation under pre-set programme parameters.

Pattern Detected

Recent news has focused on ongoing buy-backs and a major acquisition. Share repurchase updates often saw mixed price reactions, while the ARC Resources acquisition coincided with a notable negative move, indicating occasional divergence between corporate actions and short-term trading.

Recent Company History

Over the last week, Shell has combined strategic expansion with sustained capital returns. On Apr 27, it agreed to acquire ARC Resources, adding 370 kboe/d of production and ~2 billion boe in reserves, yet shares fell 2.49%. From Apr 21–24, Shell reported daily buy-back activity, cancelling around 1.25–1.45 million shares per day under the programme launched 05 Feb 2026, with price reactions alternating between modest gains and small declines.

Market Pulse Summary

This announcement details another day of share repurchases across multiple UK and Dutch venues under...

Analysis

This announcement details another day of share repurchases across multiple UK and Dutch venues under Shell’s buy-back programme running from 05 February to 01 May 2026. Combined with recent disclosures showing steady daily cancellations, the news highlights an ongoing focus on capital returns alongside strategic moves like the ARC Resources deal. Investors may track cumulative shares cancelled, average repurchase prices in GBP and EUR, and future regulatory filings reporting continued execution under EU and UK MAR frameworks.

Key Terms

eu mar, uk mar, financial services act, 2021, off-market buyback contract

4 terms

eu mar regulatory

"programmes (“EU MAR”) and EU MAR as “onshored” into UK law from the end of the Brexit"

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"

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.

financial services act, 2021 regulatory

"replaced by the Financial Services Act, 2021 and relevant statutory instruments"

A UK law that updates the rulebook for how financial firms operate, giving regulators clearer powers to oversee markets, protect consumers, and respond to risks. For investors, it matters because it can change how products are sold, how firms are supervised, and how quickly problems are fixed—much like a revised rulebook that aims to make a game fairer and safer for everyone, which affects confidence and the value of investments.

off-market buyback contract financial

"pursuant to the off-market buyback contract approved by its shareholders and the pre-set parameters"

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   

28 April 2026

• • • • • • • • • • • • • • • •

Shell plc (the ‘Company’) announces that on 28 April 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
28/04/2026	421,980	33.4250	32.5100	32.9244	LSE	GBP
28/04/2026	178,975	33.4100	32.5600	32.9193	Chi-X (CXE)	GBP
28/04/2026	93,685	33.4100	32.5700	32.9016	BATS (BXE)	GBP
28/04/2026	410,003	38.5300	37.5700	38.0214	XAMS	EUR
28/04/2026	236,686	38.5150	37.4950	37.9925	CBOE DXE	EUR
28/04/2026	40,992	38.5000	37.6000	38.0378	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_2026-04-28

FAQ

How many shares did Shell (SHEL) buy back and cancel on 28 April 2026?

Shell bought and cancelled 1,382,321 shares on 28 April 2026. According to Shell, purchases occurred across multiple venues with volume-weighted average prices reported per venue in GBP and EUR.

Is the Shell (SHEL) buy-back programme still active after 28 April 2026?

Yes. According to Shell, the buy-back programme runs from 05 February 2026 up to and including 01 May 2026. Morgan Stanley is executing trades independently within pre-set parameters.

Which trading venues did Shell (SHEL) use for the 28 April 2026 repurchases?

Shell executed purchases on LSE, Chi-X, BATS, XAMS, CBOE DXE and TQEX. According to Shell, trades were reported with VWAPs and price ranges per venue in GBP and EUR.

Will the shares repurchased by Shell (SHEL) affect outstanding share count?

Yes. Shell repurchased shares for cancellation, which reduces outstanding share count. According to Shell, the 28 April 2026 trades were made specifically for cancellation under the programme.

Who made trading decisions for Shell (SHEL) buybacks during the programme?

Morgan Stanley & Co. International Plc made trading decisions independently for the programme period. According to Shell, trades were executed within pre-set parameters and in compliance with UK MAR and EU MAR rules.