Transaction in Own Shares

Rhea-AI Summary

Shell plc has announced a significant share buyback operation conducted on January 30, 2025. The company purchased a total of 1,850,000 shares across various trading venues:

- On LSE: 850,000 shares at prices between £25.87 and £26.72 - On Chi-X and BATS: 250,000 shares at prices around £26.37 - On European venues (XAMS, CBOE DXE, TQEX): 750,000 shares at prices between €31.10 and €32.08

The purchases are part of Shell's share buy-back programme announced on January 30, 2025. Natixis will independently manage trading decisions from January 30, 2025, through April 25, 2025. The program includes both on-market and off-market components, conducted under UK Listing Rules and Market Abuse Regulations.

Positive

• Large-scale share buyback program implementation, potentially supporting share price
• Multi-exchange execution strategy demonstrating strong market presence
• Independent management by Natixis ensuring market compliance and transparency

Negative

• None.

Insights

Financial Markets Analyst

Shell's latest share buyback operation represents a sophisticated multi-venue approach to capital return, with 1.85 million shares purchased across six different trading platforms. The strategic distribution shows 850,000 shares acquired on the LSE, 600,000 on XAMS and the remainder spread across other venues, optimizing liquidity and price efficiency.

The execution strategy demonstrates careful price management, with tight spreads maintained across venues - particularly notable in the LSE purchases between £25.87 and £26.72. This price discipline suggests a well-structured program designed to minimize market impact while maximizing shareholder value.

The appointment of Natixis as an independent trading agent until April 2025 is particularly significant, as it ensures compliance with market regulations while providing a buffer against potential conflicts of interest. This arrangement, combined with the pre-set parameters and dual on/off-market approach, indicates a sophisticated capital management strategy that balances regulatory requirements with shareholder interests.

The timing and structure of this buyback are noteworthy, suggesting strong cash flow generation and management's confidence in the company's valuation. The multi-venue execution strategy helps maintain price stability while reducing the risk of artificial price inflation that could occur from concentrated buying on a single exchange.

Transaction in Own Shares

30 January, 2025

• • • • • • • • • • • • • • • •

Shell plc (the ‘Company’) announces that on 30 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
30/01/2025	850,000	£ 26.7200	£ 25.8700	£ 26.3686	LSE	GBP
30/01/2025	100,000	£ 26.7150	£ 26.0150	£ 26.3772	Chi-X (CXE)	GBP
30/01/2025	150,000	£ 26.7150	£ 25.9800	£ 26.3766	BATS (BXE)	GBP
30/01/2025	600,000	€ 32.0800	€ 31.1000	€ 31.6496	XAMS	EUR
30/01/2025	100,000	€ 32.0700	€ 31.1500	€ 31.6403	CBOE DXE	EUR
30/01/2025	50,000	€ 32.0700	€ 31.2200	€ 31.6267	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

• execs_20250130-173324

FAQ

How many shares did Shell (SHEL) buy back on January 30, 2025?

Shell purchased a total of 1,850,000 shares across different trading venues on January 30, 2025.

What is the duration of Shell's (SHEL) current buyback program announced on January 30, 2025?

The program runs from January 30, 2025, through April 25, 2025, with Natixis managing trading decisions independently.

What was the price range for Shell (SHEL) share buybacks on LSE on January 30, 2025?

On the LSE, Shell purchased shares at prices ranging from £25.87 to £26.72, with a volume-weighted average price of £26.3686.

Which trading venues did Shell (SHEL) use for its January 30, 2025 share buybacks?

Shell purchased shares across LSE, Chi-X (CXE), BATS (BXE), XAMS, CBOE DXE, and TQEX trading venues.