Transaction in Own Shares
Shell plc (SHEL) has announced a share buyback transaction executed on February 25, 2025, as part of its previously announced share repurchase program. The program, revealed on January 30, 2025, consists of both on-market and off-market components.
Natixis has been appointed to independently manage trading decisions for the securities from January 30 to April 25, 2025. The on-market purchases will follow pre-set parameters and company's general authority, while off-market purchases will be conducted according to shareholder-approved buyback contracts.
The program complies with UK Listing Rules Chapter 9, EU and UK Market Abuse Regulations, and related delegated regulations, including post-Brexit adaptations through various statutory instruments.
Shell plc (SHEL) ha annunciato una transazione di riacquisto di azioni eseguita il 25 febbraio 2025, nell'ambito del suo programma di riacquisto di azioni precedentemente annunciato. Il programma, rivelato il 30 gennaio 2025, comprende sia componenti di mercato che fuori mercato.
Natixis è stata nominata per gestire in modo indipendente le decisioni di trading per i titoli dal 30 gennaio al 25 aprile 2025. Gli acquisti sul mercato seguiranno parametri predefiniti e l'autorità generale dell'azienda, mentre gli acquisti fuori mercato saranno condotti secondo contratti di riacquisto approvati dagli azionisti.
Il programma è conforme alle Regole di Quotazione del Regno Unito Capitolo 9, alle Regolamentazioni sul Mercato Abusivo dell'UE e del Regno Unito, e alle relative normative delegate, comprese le adattamenti post-Brexit attraverso vari strumenti legislativi.
Shell plc (SHEL) ha anunciado una transacción de recompra de acciones realizada el 25 de febrero de 2025, como parte de su programa de recompra de acciones previamente anunciado. El programa, revelado el 30 de enero de 2025, consta de componentes tanto en el mercado como fuera de él.
Natixis ha sido designada para gestionar de forma independiente las decisiones de negociación para los valores desde el 30 de enero hasta el 25 de abril de 2025. Las compras en el mercado seguirán parámetros preestablecidos y la autoridad general de la empresa, mientras que las compras fuera del mercado se realizarán de acuerdo con los contratos de recompra aprobados por los accionistas.
El programa cumple con las Reglas de Cotización del Reino Unido, el Capítulo 9, las Regulaciones sobre Abuso de Mercado de la UE y del Reino Unido, y las regulaciones delegadas relacionadas, incluidas las adaptaciones posteriores al Brexit a través de varios instrumentos legales.
Shell plc (SHEL)는 2025년 2월 25일에 실행된 주식 매입 거래를 발표했습니다. 이는 이전에 발표된 자사주 매입 프로그램의 일환입니다. 이 프로그램은 2025년 1월 30일에 공개되었으며, 시장 내외의 구성 요소로 이루어져 있습니다.
Natixis는 2025년 1월 30일부터 4월 25일까지 증권 거래 결정을 독립적으로 관리하도록 임명되었습니다. 시장 내 매입은 사전 설정된 매개변수와 회사의 일반 권한을 따르며, 시장 외 매입은 주주 승인 계약에 따라 진행됩니다.
이 프로그램은 영국 상장 규정 9장, EU 및 영국 시장 남용 규정, 그리고 관련 위임 규정, 브렉시트 이후 다양한 법적 도구를 통한 적응을 준수합니다.
Shell plc (SHEL) a annoncé une opération de rachat d'actions effectuée le 25 février 2025, dans le cadre de son programme de rachat d'actions précédemment annoncé. Le programme, révélé le 30 janvier 2025, se compose de composants à la fois sur le marché et hors marché.
Natixis a été désignée pour gérer de manière indépendante les décisions de trading pour les titres du 30 janvier au 25 avril 2025. Les achats sur le marché suivront des paramètres prédéfinis et l'autorité générale de l'entreprise, tandis que les achats hors marché seront effectués conformément aux contrats de rachat approuvés par les actionnaires.
Le programme est conforme aux Règles de Cotation du Royaume-Uni Chapitre 9, aux Règlements sur les Abus de Marché de l'UE et du Royaume-Uni, ainsi qu'aux règlements délégués connexes, y compris les adaptations post-Brexit à travers divers instruments législatifs.
Shell plc (SHEL) hat eine Aktienrückkauftransaktion bekannt gegeben, die am 25. Februar 2025 durchgeführt wurde, als Teil seines zuvor angekündigten Aktienrückkaufprogramms. Das Programm, das am 30. Januar 2025 bekannt gegeben wurde, besteht aus sowohl Markt- als auch außerbörslichen Komponenten.
Natixis wurde beauftragt, die Handelsentscheidungen für die Wertpapiere unabhängig vom 30. Januar bis zum 25. April 2025 zu verwalten. Die Käufe am Markt folgen festgelegten Parametern und der allgemeinen Autorität des Unternehmens, während die außerbörslichen Käufe gemäß den von den Aktionären genehmigten Rückkaufverträgen durchgeführt werden.
Das Programm entspricht den UK Listing Rules Kapitel 9, den EU- und UK-Marktmissbrauchsverordnungen sowie den entsprechenden delegierten Verordnungen, einschließlich der Anpassungen nach dem Brexit durch verschiedene gesetzliche Instrumente.
- Implementation of share buyback program indicating strong cash position
- Structured approach with both on-market and off-market purchase mechanisms
- Capital outflow for share repurchases reduces cash available for operations
Insights
Shell's continuation of its share buyback program announced on January 30 represents a significant capital allocation decision that warrants investor attention. While the announcement doesn't specify the exact volume of shares repurchased on February 25, this program runs through April 25, 2025, with Natixis executing trades independently within pre-established parameters.
The buyback's dual structure—featuring both on-market and off-market components—provides Shell with flexibility in execution while maintaining regulatory compliance. This approach typically allows companies to optimize the timing and pricing of repurchases across different market conditions, potentially enhancing the program's efficiency.
For a company with Shell's $200.6 billion market capitalization, buybacks serve multiple strategic purposes beyond simply returning capital. First, they effectively increase ownership stakes for remaining shareholders without triggering taxable events (unlike dividends). Second, they signal management's confidence that shares trade below their intrinsic value—particularly noteworthy given recent energy market volatility.
The timing of this program aligns with Shell's strong operational performance in recent quarters. With oil prices stabilizing in the $70-80 range, major energy companies have generated substantial free cash flow. Shell appears to be prioritizing shareholder returns over aggressive capital expenditure increases or debt reduction, suggesting confidence in their current financial position and business outlook.
Compared to sector peers, Shell's approach to capital return has been relatively balanced between dividends and buybacks. This program continues that strategy, providing shareholders with return predictability while maintaining flexibility to adjust to changing market conditions. The delegation to Natixis for independent execution also helps insulate the company from potential market timing criticisms.
The extensive regulatory framework referenced in the announcement—including UK Listing Rules, EU and UK Market Abuse Regulations—reflects the heightened scrutiny around share repurchases, particularly for companies of Shell's global significance. This structured approach demonstrates corporate governance discipline that institutional investors typically value.
Investors should view this buyback as part of Shell's broader capital allocation framework rather than a one-off event, suggesting continued strong cash generation capabilities despite the energy transition challenges facing the sector.
Transaction in Own Shares
25 February, 2025
• • • • • • • • • • • • • • • •
Shell plc (the ‘Company’) announces that on 25 February 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 |
| 25/02/2025 | 850,000 | | | | LSE | GBP |
| 25/02/2025 | 100,000 | | | | Chi-X (CXE) | GBP |
| 25/02/2025 | 150,000 | | | | BATS (BXE) | GBP |
| 25/02/2025 | 660,000 | | | | XAMS | EUR |
| 25/02/2025 | 150,000 | | | | CBOE DXE | EUR |
| 25/02/2025 | 0 | - | - | - | 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 30 January 2025.
In respect of this programme, Natixis will make trading decisions in relation to the securities independently of the Company for a period from 30 January 2025 up to and including 25 April 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 Natixis 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
FAQ
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