Transaction in Own Shares

Rhea-AI Summary

Shell plc (SHEL) has announced share repurchases conducted on January 13, 2025, as part of its ongoing buyback programme. The company purchased 1,050,000 shares on the London Stock Exchange at prices ranging from £26.3850 to £26.7100, with a volume-weighted average price of £26.5765. Additionally, 708,000 shares were purchased on XAMS at prices between €31.6850 and €32.0900, averaging €31.9139.

These purchases are part of Shell's share buy-back programme announced on October 31, 2024. Citigroup Global Markets is executing the trades independently until January 24, 2025, following pre-set parameters and regulatory requirements including 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 strategy

Negative

• None.

Insights

Financial Markets Analyst

Shell's latest share buyback execution reveals strategic capital deployment, with the company purchasing 1,050,000 shares on the London Stock Exchange at prices between £26.3850 and £26.7100, plus 708,000 shares on Euronext Amsterdam between €31.6850 and €32.0900. The volume-weighted average prices of £26.5765 and €31.9139 respectively indicate disciplined execution within market conditions.

This buyback, part of the program announced on October 31, 2024, demonstrates Shell's commitment to returning excess capital to shareholders. The timing and execution strategy, delegated to Citigroup Global Markets , shows sophisticated market approach by conducting purchases across multiple venues while maintaining price discipline. The dual-listing structure is being effectively utilized, with purchases split between London and Amsterdam markets to optimize liquidity and pricing.

For retail investors, buybacks typically support share price stability by reducing share count and increasing earnings per share. The controlled price ranges and substantial volume suggest careful execution to minimize market impact while maximizing shareholder value.

Market Structure Specialist

The execution details reveal sophisticated market microstructure utilization. Notable is the concentration of trading on primary exchanges (LSEG and XAMS) while alternative venues (Chi-X, BATS, CBOE DXE, TQEX) showed no activity. This suggests a strategic approach to minimize information leakage and optimize price discovery.

The narrow spread between highest and lowest prices (1.22% in London, 1.27% in Amsterdam) indicates well-managed execution with minimal market impact. The volume distribution between venues (59.7% London, 40.3% Amsterdam) aligns with typical liquidity patterns for dual-listed securities.

Citigroup's independent trading mandate until January 24, 2025, operating within pre-set parameters, provides a buffer against potential market manipulation concerns while ensuring compliance with both UK and EU regulatory frameworks post-Brexit. This structured approach maximizes execution quality while maintaining regulatory compliance.

Transaction in Own Shares

13 January, 2025

• • • • • • • • • • • • • • • •        

Shell plc (the ‘Company’) announces that on 13 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
13/01/2025	1,050,000	£26.7100	£26.3850	£26.5765	LSE	GBP
13/01/2025	-	£0.0000	£0.0000	£0.0000	Chi-X (CXE)	GBP
13/01/2025	-	£0.0000	£0.0000	£0.0000	BATS (BXE)	GBP
13/01/2025	708,000	€32.0900	€31.6850	€31.9139	XAMS	EUR
13/01/2025	-	€0.0000	€0.0000	€0.0000	CBOE DXE	EUR
13/01/2025	-	€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 13-Jan-25 - complete

FAQ

How many shares did Shell (SHEL) repurchase on January 13, 2025?

Shell repurchased 1,050,000 shares on the London Stock Exchange and 708,000 shares on XAMS (Amsterdam) on January 13, 2025.

What was the price range for Shell's (SHEL) share buyback on January 13, 2025?

On the London Stock Exchange, shares were purchased between £26.3850 and £26.7100, while on XAMS, the price range was €31.6850 to €32.0900.

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

The current buyback program, managed by Citigroup Global Markets , will continue until January 24, 2025.

When did Shell (SHEL) announce this share buyback programme?

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