SHELL PLC SEC Filings

Shell plc reports a series of on- and off‑market share repurchases for cancellation carried out on multiple trading days in April 2026. The company bought its own shares on venues including the LSE, Chi‑X, BATS, XAMS, CBOE DXE and TQEX, in both GBP and EUR.

These transactions form part of Shell’s existing share buy‑back programme announced on 05 February 2026, with Morgan Stanley & Co. International Plc making trading decisions independently of Shell within pre‑set parameters and under EU MAR and UK MAR rules.

Shell plc has agreed to acquire Canadian Montney-focused producer ARC Resources Ltd. in a transaction valuing ARC at about US$16.4 billion, including roughly US$13.6 billion of equity and US$2.8 billion of net debt and leases. ARC shareholders will receive CAD 8.20 in cash plus 0.40247 Shell shares per ARC share, equating to CAD 32.80 per share, a 20% premium to ARC’s 30‑day VWAP.

The deal adds about 370 kboe/d of production immediately and lifts Shell’s projected production growth rate to 4% CAGR through 2030 versus 2025. It combines ARC’s more than 1.5 million net Montney acres with Shell’s ~440 thousand net acres and brings around 2 billion boe of proved plus probable reserves. Shell expects the acquisition to be accretive to free cash flow per share from 2027 and to deliver around $250 million of annualised synergies within a year of closing, while keeping 2027–2028 cash capex within its existing $20–22 billion range.

Shell plc has called its 2026 Annual General Meeting as a hybrid event on May 19, 2026 at 11:00 UK time, allowing both physical and virtual participation. The agenda covers approval of 2025 accounts and remuneration, appointment or reappointment of directors, and reappointment of Ernst & Young as auditor.

Shareholders will vote on renewing authorities to allot up to €131.96 million in nominal share capital, disapply pre-emption rights on a limited basis, and authorise on- and off-market share buybacks of up to 565.55 million ordinary shares. The board also seeks authority for limited political donations and expenditure. A shareholder climate-related Resolution 23 requests detailed strategy disclosure under declining oil and gas demand scenarios; the directors oppose it, arguing existing disclosures are sufficient and that embedding specific IEA scenarios would not represent good governance.

Shell plc provides an updated outlook for first-quarter 2026, highlighting mixed trends across its businesses amid increased uncertainty from the Middle East conflict. In Integrated Gas, production is expected between 880 and 920 kboe/d versus 948 kboe/d in Q4 2025, reflecting Qatari volume impacts, while LNG liquefaction volumes are guided to 7.6–8.0 MT as LNG Canada ramps up.

Upstream production is forecast at 1,760–1,860 kboe/d, slightly below Q4 2025, partly due to the Adura joint venture. Marketing adjusted earnings are expected to be significantly higher than Q1 2025. In Chemicals and Products, indicative refining margin is guided up from $14/bbl to $17/bbl, with higher refinery and chemicals utilisation and significantly stronger Trading & Optimisation than Q4 2025.

Renewables and Energy Solutions adjusted earnings are expected between $0.2 and $0.7 billion, up from adjusted $0.1 billion in Q4 2025, while Corporate adjusted earnings remain negative at a projected $(1.0) to $(0.8) billion. At group level, Q1 2026 cash flow from operations tax paid is expected at $2.0–2.8 billion and working capital movements between $(15) and $(10) billion, with non-cash net debt expected to be affected by a $3–4 billion increase in variable components of long-term shipping leases.

Shell plc provides an updated outlook for first-quarter 2026, highlighting mixed trends across its businesses amid increased uncertainty from the Middle East conflict. In Integrated Gas, production is expected between 880 and 920 kboe/d versus 948 kboe/d in Q4 2025, reflecting Qatari volume impacts, while LNG liquefaction volumes are guided to 7.6–8.0 MT as LNG Canada ramps up.

Upstream production is forecast at 1,760–1,860 kboe/d, slightly below Q4 2025, partly due to the Adura joint venture. Marketing adjusted earnings are expected to be significantly higher than Q1 2025. In Chemicals and Products, indicative refining margin is guided up from $14/bbl to $17/bbl, with higher refinery and chemicals utilisation and significantly stronger Trading & Optimisation than Q4 2025.

Renewables and Energy Solutions adjusted earnings are expected between $0.2 and $0.7 billion, up from adjusted $0.1 billion in Q4 2025, while Corporate adjusted earnings remain negative at a projected $(1.0) to $(0.8) billion. At group level, Q1 2026 cash flow from operations tax paid is expected at $2.0–2.8 billion and working capital movements between $(15) and $(10) billion, with non-cash net debt expected to be affected by a $3–4 billion increase in variable components of long-term shipping leases.

Shell plc reported that several senior executives received additional shares through dividend reinvestments connected to existing incentive awards. Following the interim dividend paid on March 30, 2026 for the fourth quarter of 2025, these Persons Discharging Managerial Responsibilities received dividend shares into their Share Plan Accounts.

Chief Executive Officer Wael Sawan acquired 2,486.44716 ordinary shares listed in Amsterdam at EUR 40.45780 and 527.92 ordinary shares in London at GBP 35.25802. Chief Financial Officer Sinead Gorman received 1,726.49108 London-listed shares at GBP 35.25802, while other business presidents and functional leaders, including the heads of Upstream, Integrated Gas, Downstream, Trading and Supply, Legal, and HR, received smaller allocations in Amsterdam, London, and New York–listed American Depository Shares.

All transactions occurred on April 1, 2026 and are described as dividend shares in respect of previously delivered bonus or vested plan shares held in a Share Plan Account, meaning they reflect automatic share-based dividend reinvestments rather than discretionary open-market purchases.

Shell plc reported that several senior executives received additional shares through dividend reinvestments connected to existing incentive awards. Following the interim dividend paid on March 30, 2026 for the fourth quarter of 2025, these Persons Discharging Managerial Responsibilities received dividend shares into their Share Plan Accounts.

Chief Executive Officer Wael Sawan acquired 2,486.44716 ordinary shares listed in Amsterdam at EUR 40.45780 and 527.92 ordinary shares in London at GBP 35.25802. Chief Financial Officer Sinead Gorman received 1,726.49108 London-listed shares at GBP 35.25802, while other business presidents and functional leaders, including the heads of Upstream, Integrated Gas, Downstream, Trading and Supply, Legal, and HR, received smaller allocations in Amsterdam, London, and New York–listed American Depository Shares.

All transactions occurred on April 1, 2026 and are described as dividend shares in respect of previously delivered bonus or vested plan shares held in a Share Plan Account, meaning they reflect automatic share-based dividend reinvestments rather than discretionary open-market purchases.

Shell plc filed a Form 6-K detailing routine executive share transactions. President, Trading and Supply Andrew Smith received a conditional award of 11,269 ordinary shares under the Shell Share Plan 2023 at a reference price of 35.93 in EUR, valued at 404,895.17. Several senior executives, including the Chief Executive Officer and Chief Financial Officer, saw 2023 Long Term Incentive Plan (LTIP) awards vest on March 4, 2026, delivering share amounts such as 295,466.00 and 175,695.15 at NIL price. The filing also records disposals of ordinary shares, including 9,000 shares sold by Chief Human Resources and Corporate Officer Rachel Solway at £31.00 and 6,000 shares sold by Chief Legal Officer Philippa Bounds at £31.07.

Shell plc uses this Form 6-K to detail daily repurchases of its own shares for cancellation between 2 and 31 March 2026. The trades were executed under the share buy-back programme announced on 5 February 2026.

Shares were bought on multiple venues including the LSE, Chi-X, BATS, XAMS, CBOE DXE and TQEX, at disclosed highest, lowest and volume-weighted average prices in both GBP and EUR. Morgan Stanley & Co. International plc is making trading decisions independently of Shell within pre-set parameters, and the programme is conducted in line with UK Listing Rules and EU/UK Market Abuse Regulation.

Shell plc reports that its LNG production in Qatar has been shut down since early March following an attack on Ras Laffan Industrial City on 18 March 2026. A fire at the Pearl GTL facility caused by the incident was quickly extinguished, and all staff on site are safe.

The company states that the situation is under control and Pearl GTL is in a safe state. Shell is assessing potential damage to Pearl GTL and working with QatarEnergy and local authorities to understand the impact on the wider Ras Laffan Industrial City facilities, with further updates to be provided via its website.

Shell plc reports that its LNG production in Qatar has been shut down since early March following an attack on Ras Laffan Industrial City on 18 March 2026. A fire at the Pearl GTL facility caused by the incident was quickly extinguished, and all staff on site are safe.

The company states that the situation is under control and Pearl GTL is in a safe state. Shell is assessing potential damage to Pearl GTL and working with QatarEnergy and local authorities to understand the impact on the wider Ras Laffan Industrial City facilities, with further updates to be provided via its website.

Shell plc reported 2025 results that combine strong cash generation, heavy shareholder returns and faster progress on climate targets, despite a weaker price environment. Income attributable to shareholders was $17.8 billion, while Adjusted Earnings were $18.5 billion, down from $23.7 billion in 2024 as liquids and LNG prices, trading and Chemicals margins softened.

Cash flow from operating activities was $42.9 billion and free cash flow was $26.1 billion. Shell returned 52% of cash flow from operations to investors, with total shareholder distributions of $22.4 billion, including $13.9 billion of share buybacks and $8.5 billion of dividends, while keeping cash capital expenditure at $20.9 billion.

The company delivered structural cost reductions of $5.1 billion versus 2022, already meeting the lower end of its $5–7 billion savings target by 2028. Net debt rose to $45.7 billion, lifting gearing to 20.7%. Operationally, oil and gas production available for sale averaged 2,800 thousand boe per day and LNG sales grew, supported by projects such as LNG Canada and deep-water developments in Brazil and the Gulf of America.

On climate, Shell reports it has achieved around 70% of its target to halve Scope 1 and 2 emissions by 2030 versus 2016, with 2025 operational emissions at 53 million tonnes CO2e. Net carbon intensity of energy products sold is 71 gCO2e/MJ, about 9% below 2016, and customer emissions from use of oil products have fallen 18% versus 2021 as the company pursues its goal of delivering “more value with less emissions.”

Shell plc reported 2025 results that combine strong cash generation, heavy shareholder returns and faster progress on climate targets, despite a weaker price environment. Income attributable to shareholders was $17.8 billion, while Adjusted Earnings were $18.5 billion, down from $23.7 billion in 2024 as liquids and LNG prices, trading and Chemicals margins softened.

Cash flow from operating activities was $42.9 billion and free cash flow was $26.1 billion. Shell returned 52% of cash flow from operations to investors, with total shareholder distributions of $22.4 billion, including $13.9 billion of share buybacks and $8.5 billion of dividends, while keeping cash capital expenditure at $20.9 billion.

The company delivered structural cost reductions of $5.1 billion versus 2022, already meeting the lower end of its $5–7 billion savings target by 2028. Net debt rose to $45.7 billion, lifting gearing to 20.7%. Operationally, oil and gas production available for sale averaged 2,800 thousand boe per day and LNG sales grew, supported by projects such as LNG Canada and deep-water developments in Brazil and the Gulf of America.

On climate, Shell reports it has achieved around 70% of its target to halve Scope 1 and 2 emissions by 2030 versus 2016, with 2025 operational emissions at 53 million tonnes CO2e. Net carbon intensity of energy products sold is 71 gCO2e/MJ, about 9% below 2016, and customer emissions from use of oil products have fallen 18% versus 2021 as the company pursues its goal of delivering “more value with less emissions.”

Shell plc reported 2025 results that combine strong cash generation, heavy shareholder returns and faster progress on climate targets, despite a weaker price environment. Income attributable to shareholders was $17.8 billion, while Adjusted Earnings were $18.5 billion, down from $23.7 billion in 2024 as liquids and LNG prices, trading and Chemicals margins softened.

Cash flow from operating activities was $42.9 billion and free cash flow was $26.1 billion. Shell returned 52% of cash flow from operations to investors, with total shareholder distributions of $22.4 billion, including $13.9 billion of share buybacks and $8.5 billion of dividends, while keeping cash capital expenditure at $20.9 billion.

The company delivered structural cost reductions of $5.1 billion versus 2022, already meeting the lower end of its $5–7 billion savings target by 2028. Net debt rose to $45.7 billion, lifting gearing to 20.7%. Operationally, oil and gas production available for sale averaged 2,800 thousand boe per day and LNG sales grew, supported by projects such as LNG Canada and deep-water developments in Brazil and the Gulf of America.

On climate, Shell reports it has achieved around 70% of its target to halve Scope 1 and 2 emissions by 2030 versus 2016, with 2025 operational emissions at 53 million tonnes CO2e. Net carbon intensity of energy products sold is 71 gCO2e/MJ, about 9% below 2016, and customer emissions from use of oil products have fallen 18% versus 2021 as the company pursues its goal of delivering “more value with less emissions.”

Shell plc uses this report to detail daily share repurchases carried out in February 2026 under its previously announced on- and off-market buy-back programme. On multiple trading days from 5 to 27 February 2026, the company bought ordinary shares for cancellation across several European venues.

Purchases were executed on the LSE, Chi-X (CXE), BATS (BXE), Euronext Amsterdam (XAMS), CBOE DXE and TQEX, with prices generally ranging from about GBP 27–30 per share in London and EUR 32–35 per share in Amsterdam and related platforms. Morgan Stanley & Co. International plc is mandated to make trading decisions independently for this programme between 5 February and 1 May 2026.

The company states that the buy-backs are conducted under its general authorities to repurchase shares on- and off-market and are structured to comply with UK Listing Rules, EU and UK versions of the Market Abuse Regulation, and the associated delegated regulations governing issuer buy-back activity.