Transaction in Own Shares

Rhea-AI Summary

Shell plc (SHEL) has announced its latest share buyback activity on January 20, 2025, as part of its ongoing share repurchase programme announced on October 31, 2024. The company purchased 1,170,000 shares on the London Stock Exchange at prices ranging from £27.1000 to £27.4200, with a volume-weighted average price of £27.2965. Additionally, 793,300 shares were purchased on XAMS at prices between €32.3300 and €32.6200, averaging €32.4880.

The buyback programme is being executed by Citigroup Global Markets , which will make independent trading decisions until January 24, 2025. The programme includes both on-market and off-market components, operating under pre-set parameters and in accordance with UK Listing Rules, EU MAR, and UK MAR regulations.

Positive

• Ongoing share buyback program demonstrates strong capital return commitment to shareholders
• Significant purchase volume of 1.96 million shares across London and Amsterdam exchanges

Negative

• None.

Insights

Financial Markets Analyst

Shell's latest share buyback execution reveals strategic capital deployment, with 1,170,000 shares purchased on the London Stock Exchange at a VWAP of £27.2965 and 793,300 shares on Euronext Amsterdam at €32.4880. The dual-market approach demonstrates sophisticated treasury management, leveraging liquidity across major European exchanges. The timing aligns with the previously announced buyback program from October 2024, showing consistent execution of shareholder return commitments.

The weighted average purchase prices suggest careful execution to minimize market impact while maximizing value. The narrow spread between highest and lowest prices (£27.42 to £27.10 in London) indicates disciplined trading. This systematic approach to capital return, combined with the independent execution by Citigroup, reflects strong corporate governance and compliance with both UK and EU regulatory frameworks.

For investors, this represents continued progress on Shell's commitment to return excess capital, supporting share price stability through steady demand. The total daily purchase volume represents meaningful liquidity absorption, particularly beneficial in current market conditions.

Market Structure Specialist

The execution mechanics of this buyback deserve attention. The split between LSE and Euronext Amsterdam, with no activity on alternative venues like CBOE or Chi-X, suggests a deliberate focus on primary exchanges where price discovery is most robust. The complete absence of trades on alternative venues indicates a preference for deeper liquidity pools, potentially sacrificing marginal price improvement for larger block execution capability.

The regulatory framework governing this buyback is particularly robust, incorporating both pre and post-Brexit UK regulations alongside EU requirements. This dual-jurisdiction compliance structure, while complex, provides strong investor protection and transparency. The independent execution by Citigroup, operating within pre-set parameters, adds an important layer of market integrity and helps prevent potential conflicts of interest in the buyback execution.

Transaction in Own Shares

20 January, 2025

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Shell plc (the ‘Company’) announces that on 20 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
20/01/2025	1,170,000	£27.4200	£27.1000	£27.2965	LSE	GBP
20/01/2025	-	£0.0000	£0.0000	£0.0000	Chi-X (CXE)	GBP
20/01/2025	-	£0.0000	£0.0000	£0.0000	BATS (BXE)	GBP
20/01/2025	793,300	€32.6200	€32.3300	€32.4880	XAMS	EUR
20/01/2025	-	€0.0000	€0.0000	€0.0000	CBOE DXE	EUR
20/01/2025	-	€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 20-Jan-25 - complete

FAQ

How many shares did Shell (SHEL) purchase on January 20, 2025?

Shell purchased 1,170,000 shares on the London Stock Exchange and 793,300 shares on the Amsterdam exchange (XAMS), totaling 1,963,300 shares.

What was the price range for Shell's (SHEL) share purchases on January 20, 2025?

On the London Stock Exchange, shares were purchased between £27.1000 and £27.4200, while on XAMS, the price range was €32.3300 to €32.6200.

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

The current share buyback programme, 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.