Transaction in Own Shares

Rhea-AI Summary

Shell plc (SHEL) has announced share repurchases conducted on January 23, 2025, as part of its existing buyback programme announced on October 31, 2024. The company purchased 1,158,000 shares on the London Stock Exchange at prices ranging from £26.7450 to £27.0150, with a volume-weighted average price of £26.9061. Additionally, 776,600 shares were purchased on XAMS at prices between €31.8350 and €32.1950, averaging €32.0361.

The purchases are part of both on-market and off-market components of Shell's buyback programme, with Citigroup Global Markets managing trading decisions independently until January 24, 2025. The programme operates under UK Listing Rules, EU MAR, and UK MAR 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 repurchase operation demonstrates sophisticated execution of their capital return strategy, with a total daily purchase of approximately £31.2 million in London and €24.9 million in Amsterdam. The dual-venue approach reflects Shell's complex shareholding structure and ensures balanced market liquidity across its primary trading locations.

The volume-weighted average purchase prices - £26.9061 in London and €32.0361 in Amsterdam - indicate disciplined execution within a tight price range, suggesting careful consideration of market impact. The concentration of trades on primary exchanges (LSEG and XAMS) rather than alternative venues points to a preference for deeper liquidity pools, which typically results in more efficient price discovery and reduced execution costs.

This buyback activity, managed independently by Citigroup, represents a continuation of Shell's systematic approach to capital returns. The mechanical nature of the program, with pre-set parameters and regulatory compliance under UK and EU frameworks, provides transparency and predictability to market participants. The ongoing share cancellation will incrementally enhance earnings per share and support shareholder value through reduced share count, while maintaining Shell's strong balance sheet position.

Transaction in Own Shares

23 January, 2025

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Shell plc (the ‘Company’) announces that on 23 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
23/01/2025	1,158,000	£27.0150	£26.7450	£26.9061	LSE	GBP
23/01/2025	-	£0.0000	£0.0000	£0.0000	Chi-X (CXE)	GBP
23/01/2025	-	£0.0000	£0.0000	£0.0000	BATS (BXE)	GBP
23/01/2025	776,600	€32.1950	€31.8350	€32.0361	XAMS	EUR
23/01/2025	-	€0.0000	€0.0000	€0.0000	CBOE DXE	EUR
23/01/2025	-	€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 23-Jan-25 - complete

FAQ

How many shares did Shell (SHEL) repurchase on January 23, 2025?

Shell repurchased 1,158,000 shares on the London Stock Exchange and 776,600 shares on XAMS (Amsterdam) on January 23, 2025.

What was the price range for Shell's (SHEL) share buyback on January 23, 2025?

On the London Stock Exchange, shares were purchased between £26.7450 and £27.0150, while on XAMS, the price range was €31.8350 to €32.1950.

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

The current share buyback program, managed by Citigroup Global Markets , runs until January 24, 2025.

When did Shell (SHEL) announce this buyback programme?

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