Transaction in Own Shares

Rhea-AI Summary

Shell plc (NYSE:SHEL) has executed another round of share repurchases on July 11, 2025, as part of its previously announced buyback program. The company purchased a total of 1,641,000 shares across multiple venues, including LSE, Chi-X, BATS, XAMS, CBOE DXE, and TQEX.

The purchases were made at prices ranging from £26.48 to £26.73 in GBP markets and €30.72 to €31.05 in EUR markets. This initiative is part of Shell's broader share buyback programme announced on May 2, 2025, which will continue through July 25, 2025, managed independently by BNP PARIBAS SA.

Positive

• Continued execution of share buyback program demonstrates strong commitment to returning value to shareholders
• Multiple trading venues utilized for efficient price discovery and liquidity
• Independent management by BNP PARIBAS SA ensures market compliance and trading efficiency

Negative

• Capital expenditure on share buybacks reduces cash available for operational investments
• Share repurchases at relatively high price points may impact the program's cost-effectiveness

Insights

Financial Analyst

Shell continues executing its share buyback program, purchasing 1.6M+ shares across global exchanges on July 11.

Shell's latest share repurchase update reveals the company purchased approximately 811,000 shares on London-based venues (LSE, Chi-X, BATS) at prices ranging from £26.48 to £26.73, plus an additional 830,000 shares on European exchanges at prices between €30.72 and €31.05. This activity represents the ongoing execution of Shell's previously announced buyback program from May 2, 2025.

The buyback program employs both on-market and off-market approaches, with BNP PARIBAS SA making independent trading decisions within pre-established parameters until July 25, 2025. The repurchased shares are slated for cancellation, which reduces the total number of outstanding shares.

This systematic capital return mechanism effectively transfers value to remaining shareholders by decreasing the denominator in per-share metrics. For a company of Shell's scale, these daily repurchases represent a modest but consistent portion of its capital return strategy. The independent execution through BNP PARIBAS ensures compliance with market regulations and creates a buffer between Shell's internal operations and market activities.

This disciplined approach to capital allocation demonstrates management's confidence in Shell's financial position and commitment to shareholder returns alongside its operational investments and dividend program. The transaction details reveal systematic execution across multiple trading venues, suggesting a sophisticated approach to minimizing market impact while maintaining repurchase volume.

Transaction in Own Shares

11 July, 2025

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Shell plc (the ‘Company’) announces that on 11 July, 2025 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
11/07/2025	557,117	£26.7250	£26.4800	£26.5856	LSE	GBP
11/07/2025	156,161	£26.7250	£26.4950	£26.5957	Chi-X (CXE)	GBP
11/07/2025	97,722	£26.7100	£26.4950	£26.5908	BATS (BXE)	GBP
11/07/2025	486,790	€31.0450	€30.7150	€30.8619	XAMS	EUR
11/07/2025	297,914	€31.0400	€30.7150	€30.8534	CBOE DXE	EUR
11/07/2025	45,296	€31.0300	€30.7400	€30.9068	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 2 May 2025.

In respect of this programme, BNP PARIBAS SA will make trading decisions in relation to the securities independently of the Company for a period from 2 May 2025 up to and including 25 July 2025.

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 BNP PARIBAS SA 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

LEI number of Shell plc: 21380068P1DRHMJ8KU70

Classification: Acquisition or disposal of the issuer’s own shares

Attachment

• RNS Report SHELL 2025 07 11

FAQ

How many shares did Shell (SHEL) purchase on July 11, 2025?

Shell purchased a total of 1,641,000 shares across various trading venues, including 557,117 shares on LSE, 156,161 on Chi-X, 97,722 on BATS, and additional shares on European exchanges.

What is the price range for Shell's share buyback on July 11, 2025?

Shell purchased shares at prices ranging from £26.48 to £26.73 in GBP markets and €30.72 to €31.05 in EUR markets.

When will Shell's current share buyback program end?

The current share buyback program, managed by BNP PARIBAS SA, will continue through July 25, 2025.

Who manages Shell's share buyback program?

BNP PARIBAS SA independently manages the trading decisions for Shell's buyback program from May 2, 2025, to July 25, 2025.

What regulations govern Shell's share buyback program?

The program is conducted under UK Listing Rules Chapter 9, EU and UK Market Abuse Regulation (MAR), and related delegated regulations, including post-Brexit provisions.