Shell plc (SHEL) has announced the purchase of approximately 1,969,411 shares for cancellation on 9 November 2026, across six trading venues in both sterling and euro, as part of its ongoing buy-back programme first announced on 29 October 2026. The purchases were executed on the London Stock Exchange, Chi-X, BATS, Euronext Amsterdam, CBOE DXE, and TQEX. The programme is being conducted with BNP Paribas managing the on-market limb and Natixis managing the off-market limb, each acting independently of the company. Investors tracking Shell's capital returns strategy will note this transaction as a continuation of a programme running until 29 January 2027.

Key Points

  • Shell plc (SHEL) — global integrated energy company listed on the London Stock Exchange
  • Shell purchased shares for cancellation across six venues on 9 November 2026 as part of its existing buy-back programme
  • Sterling-denominated trades ranged between £36.5200 and £37.2000; euro-denominated trades ranged between €43.8850 and €44.7200
  • Investors should watch for further daily transaction disclosures as the programme runs to 29 January 2027

Shell's 9 November Buy-Back Spans LSE, Chi-X, BATS and Three Euro Venues

On 9 November 2026, Shell purchased a total of 1,200,000 shares across three sterling-denominated venues and 769,411 shares across three euro-denominated venues. On the LSE, 809,926 shares were bought at a volume weighted average price of £36.9331. Chi-X accounted for 235,846 shares at £36.9330, and BATS for 154,228 shares at £36.9403. On Euronext Amsterdam, 518,002 shares were purchased at a volume weighted average of €44.3341, with CBOE DXE contributing 234,004 shares at €44.3256, and TQEX 17,405 shares at €44.3383.

BNP Paribas and Natixis Execute Trades Independently Under Shell's Buy-Back Programme

The buy-back programme, originally announced on 29 October 2026, operates through two distinct limbs. BNP Paribas is responsible for the on-market limb, while Natixis manages the off-market limb, with both institutions making trading decisions independently of Shell for the duration of the programme. The company states the programme runs from 29 October 2026 up to and including 29 January 2027. All transactions are conducted within pre-set parameters and in accordance with the company's shareholder-approved authorities for both on-market and off-market repurchases.

Programme Conducted Under UK and EU Market Abuse Regulations and UK Listing Rules

Shell states the buy-back is being carried out in compliance with Chapter 9 of the UK Listing Rules, EU Market Abuse Regulation 596/2014, and the onshored UK MAR as incorporated through the European Union (Withdrawal) Act 2018 and subsequently amended by the Financial Services Act 2021. The Commission Delegated Regulation (EU) 2016/1052 and its UK equivalent also apply. This regulatory framework governs the conditions under which listed companies may repurchase their own shares, providing a structured and transparent process for investors monitoring Shell's capital allocation.

All Repurchased Shares Designated for Cancellation, Reducing Shell's Issued Share Capital

The announcement confirms that all shares purchased on 9 November 2026 are designated for cancellation rather than being held in treasury. Cancelling repurchased shares directly reduces Shell's total issued share capital, which can increase earnings per share over time for remaining shareholders. The company did not disclose the total value of the buy-back programme or the aggregate number of shares targeted for cancellation. Investors may be watching for further daily disclosures from Shell as the programme continues towards its January 2027 conclusion.