Transaction in Own Shares

Rhea-AI Summary

Shell plc (SHEL) has announced its latest share buyback activity on January 15, 2025, as part of its ongoing share repurchase program. The company purchased 1,115,600 shares on the London Stock Exchange at prices ranging from £26.64 to £26.88, with a volume-weighted average price of £26.7825. Additionally, 737,700 shares were purchased on the Amsterdam exchange (XAMS) at prices between €31.915 and €32.17, averaging €32.056.

These purchases are part of Shell's buyback programme announced on October 31, 2024, which will continue until January 24, 2025. Citigroup Global Markets is executing the trades independently within pre-set parameters, including both on-market and off-market transactions, in compliance with UK Listing Rules and Market Abuse Regulations.

Positive

• Ongoing share buyback program demonstrates strong capital return commitment to shareholders
• Significant volume of shares purchased (1,115,600 LSE + 737,700 XAMS) indicates robust execution of buyback program

Negative

• None.

Insights

Financial Markets Analyst

The market should note Shell's continued execution of their share buyback program, with today's purchase of 1,115,600 shares on the London Stock Exchange at a VWAP of £26.7825 and 737,700 shares on Euronext Amsterdam at €32.0560. This represents approximately $60 million in share repurchases for the day, maintaining steady progress on their capital return commitment. The pricing shows disciplined execution, with tight spreads between high and low prices suggesting good liquidity management. This systematic approach to capital returns, while not groundbreaking news, demonstrates Shell's consistent shareholder-friendly capital allocation. The buyback activity provides steady support for the stock price and signals management's confidence in the company's valuation and cash generation capabilities. The program's delegation to Citigroup ensures compliance with regulatory requirements and removes potential conflicts in timing of purchases.

Corporate Treasury Expert

Looking at the execution mechanics, Shell's dual-listed structure necessitates a sophisticated approach to share repurchases across both London and Amsterdam venues. The split of approximately 60/40 between LSE and Euronext volumes appears well-calibrated to maintain balanced market presence. The price differential between venues (roughly £26.78 vs €32.06) aligns with expected FX-adjusted parity. The pre-set parameter structure and independent execution through Citigroup provides strong governance and compliance with both UK and EU regulatory frameworks. For retail investors: Think of this as Shell systematically converting excess cash into increased ownership for remaining shareholders - essentially an automatic mechanism to return capital while supporting the stock price. The daily transparency in reporting these transactions exceeds regulatory requirements and provides valuable market information.

Transaction in Own Shares

15 January, 2025

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Shell plc (the ‘Company’) announces that on 15 January 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
15/01/2025	1,115,600	£26.8800	£26.6400	£26.7825	LSE	GBP
15/01/2025	-	£0.0000	£0.0000	£0.0000	Chi-X (CXE)	GBP
15/01/2025	-	£0.0000	£0.0000	£0.0000	BATS (BXE)	GBP
15/01/2025	737,700	€32.1700	€31.9150	€32.0560	XAMS	EUR
15/01/2025	-	€0.0000	€0.0000	€0.0000	CBOE DXE	EUR
15/01/2025	-	€0.0000	€0.0000	€0.0000	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 31 October 2024.

In respect of this programme, Citigroup Global Markets Limited will make trading decisions in relation to the securities independently of the Company for a period from 31 October 2024 up to and including 24 January 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 Citigroup Global Markets Limited on behalf of the Company as a part of the buy-back programme is detailed below.

Enquiries

Media International: +44 (0) 207 934 5550

Media Americas: +1 832 337 4335

LEI number of Shell plc: 21380068P1DRHMJ8KU70

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

Attachment

• RNS Template 15-Jan-25 - complete

FAQ

How many shares did Shell (SHEL) purchase on January 15, 2025?

Shell purchased 1,115,600 shares on the London Stock Exchange and 737,700 shares on the Amsterdam exchange (XAMS) on January 15, 2025.

What is the price range of Shell's (SHEL) share buyback on January 15, 2025?

On the London Stock Exchange, shares were purchased between £26.64 and £26.88, while on XAMS, the price range was €31.915 to €32.17.

When will Shell's (SHEL) current share buyback program end?

The current share buyback program, which began on October 31, 2024, will continue until January 24, 2025.

Who is executing Shell's (SHEL) share buyback transactions?

Citigroup Global Markets is independently executing the trading decisions for Shell's share buyback program.