Transaction in Own Shares

Rhea-AI Summary

Shell (SHEL) purchased and cancelled 2,060,266 shares on 03 March 2026 under its existing buy-back programme announced 05 February 2026.

Trades occurred across UK and European venues with volume-weighted average prices near 31.03 GBP (UK venues) and 35.65 EUR (EU venues). Morgan Stanley made trading decisions independently through the programme running to 01 May 2026.

Positive

• 2,060,266 shares repurchased and cancelled on 03/03/2026
• VWAP ~31.03 GBP on UK trading venues (LSE, CXE, BXE)
• VWAP ~35.65 EUR on EU trading venues (XAMS, DXE, TQEX)

Negative

• Buy-back window limited to 05 Feb–01 May 2026
• Purchases executed by Morgan Stanley acting independently of the company

Key Figures

LSE shares repurchased: 736,025 shares Chi-X shares repurchased: 228,446 shares BATS shares repurchased: 84,857 shares +5 more

8 metrics

LSE shares repurchased 736,025 shares 03/03/2026 cancellation, LSE venue

Chi-X shares repurchased 228,446 shares 03/03/2026 cancellation, Chi-X (CXE)

BATS shares repurchased 84,857 shares 03/03/2026 cancellation, BATS (BXE)

XAMS shares repurchased 594,121 shares 03/03/2026 cancellation, XAMS

CBOE DXE shares repurchased 356,513 shares 03/03/2026 cancellation, CBOE DXE

TQEX shares repurchased 60,304 shares 03/03/2026 cancellation, TQEX

Highest GBP price 31.5150 GBP 03/03/2026 buy-back transactions

Highest EUR price 36.1000 EUR 03/03/2026 buy-back transactions

Market Reality Check

Price: $84.22 Vol: Volume 9,823,620 vs 6,663...

normal vol

$84.22 Last Close

Volume Volume 9,823,620 vs 6,663,728 20-day average (relative volume 1.47x). normal

Technical Price 84.22 is trading above 200-day MA at 72.92, near 52-week high 84.5499.

Peers on Argus

SHEL gained 0.85% while key peers were mixed: CVX -0.38%, XOM -3.22%, TTE -1.31%...

SHEL gained 0.85% while key peers were mixed: CVX -0.38%, XOM -3.22%, TTE -1.31%, BP +0.19%, PBR +1.29%, indicating a stock-specific tilt around the buy-back activity.

Common Catalyst Another integrated peer, TotalEnergies (TTE), also reported transactions in own shares, suggesting ongoing capital return actions across the group but not a broad sector price move.

Historical Context

5 past events · Latest: Mar 02 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 02	Share buy-back	Positive	+0.8%	Disclosure of 153,314 shares repurchased for cancellation under buy-back programme.
Feb 27	Share buy-back	Positive	+2.9%	Purchase of 867,321 shares for cancellation across six trading venues.
Feb 27	PDMR shareholding	Positive	+2.9%	Senior executives received bonus share awards with three-year holding period.
Feb 27	Capital structure	Neutral	+2.9%	Update on total voting rights and 5,663,769,613 ordinary shares outstanding.
Feb 26	Share buy-back	Positive	-1.3%	Repurchase of 1,287,020 shares for cancellation with disclosed venue VWAPs.

Pattern Detected

Recent buy-back and capital-structure announcements have generally coincided with modestly positive price reactions, with one notable divergence on a prior buy-back day.

Recent Company History

Over late February and early March 2026, Shell has repeatedly disclosed buy-back executions and related capital updates. Multiple "Transaction in Own Shares" notices on 26–27 Feb and 2 Mar 2026 detailed cancellations across six venues under the programme announced on 5 Feb 2026. A "Voting Rights and Capital" update on 27 Feb 2026 confirmed 5,663,769,613 ordinary shares and no treasury stock. A PDMR shareholding notice highlighted management share grants with holding periods. Today’s repurchase disclosure continues this capital return pattern.

Market Pulse Summary

This announcement details further execution under Shell’s share buy-back programme, with purchases a...

Analysis

This announcement details further execution under Shell’s share buy-back programme, with purchases across multiple venues on 03 March 2026 for cancellation. It reinforces an active capital return strategy alongside strict adherence to EU MAR and UK MAR requirements. Recent history shows repeated repurchase and capital-structure updates. Investors may focus on the cumulative scale of cancellations, future disclosures of trading activity, and any subsequent adjustments to repurchase authorities or programme timelines.

Key Terms

eu mar, uk mar, eu mar delegated regulation, off-market buyback contract, +2 more

6 terms

eu mar regulatory

"dealing with buy-back programmes (“EU MAR”) and EU MAR as “onshored” into UK law"

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.

eu mar delegated regulation regulatory

"the “EU MAR Delegated Regulation” and the EU MAR Delegated Regulation as “onshored”"

An EU MAR Delegated Regulation is a detailed rule issued by the European Union to clarify or expand existing laws related to financial markets. It functions like a set of instructions that ensure consistent application of rules across all EU countries, helping investors understand how regulations are applied and maintained. This promotes transparency and stability in financial markets, making it easier for investors to make informed decisions.

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.

trading venue technical

"Aggregated information on Shares purchased according to trading venue:"

A trading venue is any organized place or system where buyers and sellers meet to swap stocks, bonds or other securities, like a physical market or an online exchange. It matters to investors because the venue determines how easily orders are filled, how quickly prices move, what rules and fees apply, and how transparent pricing is — much like choosing a busy bazaar versus a small shop affects price, speed and cost.

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 buy-back programme is when a company uses cash to repurchase its own shares from the market, reducing the number of shares available to investors. Like a store buying back its own gift cards to concentrate value, buy-backs can raise earnings per share and signal management’s confidence but also use cash that might have funded growth or dividends—details investors watch to judge impact on value and risk.

AI-generated analysis. Not financial advice.

Transaction in Own Shares      

03 March 2026

• • • • • • • • • • • • • • • •

Shell plc (the ‘Company’) announces that on 03 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
03/03/2026	736,025	31.5150	30.7150	31.0244	LSE	GBP
03/03/2026	228,446	31.5150	30.7350	31.0520	Chi-X (CXE)	GBP
03/03/2026	84,857	31.4950	30.7200	31.0456	BATS (BXE)	GBP
03/03/2026	594,121	36.0900	35.3200	35.6459	XAMS	EUR
03/03/2026	356,513	36.1000	35.3250	35.6551	CBOE DXE	EUR
03/03/2026	60,304	36.0800	35.3750	35.6346	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_2026-03-03

FAQ

How many shares did Shell (SHEL) repurchase on 03 March 2026?

Shell repurchased and cancelled 2,060,266 shares on 03 March 2026. According to the company, the purchases were executed across UK and European venues as part of its buy-back programme.

What prices did Shell (SHEL) pay for shares on 03 March 2026?

Shell paid VWAPs near 31.03 GBP (UK venues) and 35.65 EUR (EU venues) on 03 March 2026. According to the company, individual venue VWAPs are shown in the transaction breakdown.

Is Shell's (SHEL) buy-back programme still active after 03 March 2026?

Yes, the buy-back programme runs through 01 May 2026. According to the company, Morgan Stanley will continue independent trading decisions for the programme until that date.

Were the 03 March 2026 share purchases on-market or off-market for Shell (SHEL)?

The purchases formed part of both the on-market and off-market limbs of the programme. According to the company, off-market transactions follow a shareholder-approved contract and preset parameters.

Who executed the buy-back trades for Shell (SHEL) in March 2026?

Morgan Stanley & Co. International Plc executed the trades and made trading decisions independently. According to the company, this arrangement covers trading from 05 February to 01 May 2026.