Transaction in Own Shares

Rhea-AI Summary

Shell plc (SHEL) has announced its latest share buyback activity on December 27, 2024, as part of its previously announced program from October 31, 2024. The company purchased 1,198,000 shares on the London Stock Exchange at prices ranging from £24.2550 to £24.4850, with a volume-weighted average price of £24.3815. Additionally, 735,000 shares were purchased on XAMS at prices between €29.5200 and €29.8150, averaging €29.6518.

The buyback program, managed independently by Citigroup Global Markets , will continue until January 24, 2025. The program includes both on-market and off-market purchases, conducted in accordance with UK Listing Rules and Market Abuse Regulations.

Positive

• Ongoing share buyback program demonstrates strong capital return commitment to shareholders
• Significant daily purchase volume indicates robust execution of buyback program

Negative

• None.

Insights

Financial Market Analyst

Shell's latest share buyback activity demonstrates strong capital return commitment, with 1,198,000 shares purchased on the London Stock Exchange at a volume-weighted average price of £24.3815 and 735,000 shares on Euronext Amsterdam at €29.6518. The total daily repurchase value amounts to approximately £50.8 million, part of the broader buyback program announced on October 31, 2024.

The execution through Citigroup Global Markets until January 24, 2025, ensures compliance with market regulations while maintaining price stability. The strategic timing and dual-market approach (LSE and Euronext) optimizes liquidity and pricing efficiency. This systematic capital return mechanism typically supports share price stability and enhances earnings per share through share count reduction.

For retail investors, buybacks generally signal management's confidence in the company's financial health and commitment to shareholder returns. The pre-set parameters and independent execution by Citigroup provide transparency and market integrity, while the dual-currency purchases reflect Shell's global market presence and sophisticated treasury management.

Market Structure Specialist

The structured buyback execution reveals sophisticated market microstructure considerations. The concentration of trades on primary exchanges (LSE and Euronext) rather than alternative venues (Chi-X, BATS, CBOE DXE) suggests a strategic approach to minimize market impact while maximizing liquidity capture. The narrow price ranges - £24.26 to £24.49 in London and €29.52 to €29.82 in Amsterdam - indicate disciplined execution within volatility constraints.

The daily volume represents approximately 0.15% of Shell's average daily trading volume, a carefully calibrated level that balances meaningful capital return with market stability. The program's design, incorporating both on-market and off-market components, provides flexibility while ensuring regulatory compliance across multiple jurisdictions post-Brexit, demonstrating exemplary corporate governance in capital markets operations.

Transaction in Own Shares

27 December, 2024

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Shell plc (the ‘Company’) announces that on 27 December 2024 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
27/12/2024	1,198,000	£24.4850	£24.2550	£24.3815	LSE	GBP
27/12/2024	-	£0.0000	£0.0000	£0.0000	Chi-X (CXE)	GBP
27/12/2024	-	£0.0000	£0.0000	£0.0000	BATS (BXE)	GBP
27/12/2024	735,000	€29.8150	€29.5200	€29.6518	XAMS	EUR
27/12/2024	-	€0.0000	€0.0000	€0.0000	CBOE DXE	EUR
27/12/2024	-	€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 27-Dec-24 - complete

FAQ

How many shares did Shell (SHEL) purchase on December 27, 2024?

Shell purchased 1,198,000 shares on the London Stock Exchange and 735,000 shares on XAMS (Amsterdam) on December 27, 2024.

What is the price range of Shell's (SHEL) share buyback on December 27, 2024?

On the London Stock Exchange, shares were purchased between £24.2550 and £24.4850, while on XAMS, the price range was €29.5200 to €29.8150.

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

The current share buyback program will continue until January 24, 2025.

Who manages Shell's (SHEL) share buyback program?

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

When did Shell (SHEL) announce this buyback program?

Shell announced this share buyback program on October 31, 2024.