Transaction in Own Shares

Rhea-AI Summary

Shell plc (SHEL) has announced share repurchases conducted on December 23, 2024, as part of its ongoing buyback programme. The company purchased 1,200,000 shares on the London Stock Exchange at prices between £23.8750 and £24.0950, with a volume-weighted average price of £23.9890. Additionally, 830,000 shares were purchased on XAMS at prices between €29.0600 and €29.2700, with a volume-weighted average price of €29.1727.

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

Negative

• None.

Insights

Financial Market Analyst

Shell's latest share buyback activity demonstrates continued execution of their capital return strategy, with £23.989 per share spent on the LSE for 1.2 million shares and €29.17 per share for 830,000 shares on Euronext Amsterdam. The total daily repurchase amounts to approximately £53.3 million, maintaining steady progress on their buyback program announced in October.

The weighted average purchase prices indicate disciplined execution, staying within a tight range of market prices. This systematic approach to capital return supports Shell's share price while reducing share count, effectively increasing earnings per share for remaining shareholders. The timing and volume suggest careful consideration of market liquidity and price impact.

The buyback execution through Citigroup, operating independently within preset parameters, ensures compliance with regulatory requirements and market best practices. This structured approach helps maintain market stability while delivering on shareholder returns, particularly important given Shell's significant market capitalization of $184.3 billion.

Corporate Finance Expert

Today's buyback activity represents approximately 0.06% of Shell's outstanding shares, continuing the steady implementation of their capital allocation strategy. The dual-listing structure is efficiently utilized, with coordinated purchases across London and Amsterdam exchanges, optimizing liquidity access and maintaining balanced market presence.

The price spread between highest and lowest trades (0.92% in London) demonstrates measured execution, minimizing market impact while maximizing shareholder value. The systematic nature of these purchases, governed by pre-set parameters and regulatory frameworks, ensures market integrity while delivering on Shell's commitment to return excess capital to shareholders.

This ongoing buyback program, extending into January 2025, reflects Shell's strong cash generation capacity and confidence in maintaining capital discipline while returning value to shareholders. The structured approach through an independent financial intermediary adds another layer of governance to the process.

Transaction in Own Shares

23 December, 2024

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Shell plc (the ‘Company’) announces that on 23 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
23/12/2024	1,200,000	£24.0950	£23.8750	£23.9890	LSE	GBP
23/12/2024	-	£0.0000	£0.0000	£0.0000	Chi-X (CXE)	GBP
23/12/2024	-	£0.0000	£0.0000	£0.0000	BATS (BXE)	GBP
23/12/2024	830,000	€29.2700	€29.0600	€29.1727	XAMS	EUR
23/12/2024	-	€0.0000	€0.0000	€0.0000	CBOE DXE	EUR
23/12/2024	-	€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 23-Dec-24 - complete

FAQ

How many shares did Shell (SHEL) repurchase on December 23, 2024?

Shell repurchased 1,200,000 shares on the London Stock Exchange and 830,000 shares on XAMS (Amsterdam) on December 23, 2024.

What is the price range for Shell's (SHEL) share buyback on December 23, 2024?

On the London Stock Exchange, shares were purchased between £23.8750 and £24.0950, while on XAMS, the price range was €29.0600 to €29.2700.

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

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

Who is executing Shell's (SHEL) share buyback trades?

Citigroup Global Markets is making independent trading decisions for the share buyback programme.