Shell announces $4B share buyback program

Shell announced the commencement of a $4B share buyback program covering an aggregate contract term of approximately three months. The purpose of the program is to reduce the issued share capital of the company. All shares repurchased as part of the program will be cancelled. It is intended that, subject to market conditions, the program will be completed prior to the company’s Q1 results announcement, scheduled for May 4. The company has entered into an arrangement with a single broker consisting of three irrevocable, non-discretionary contracts, to enable the purchase of ordinary shares on both London market exchanges and Netherlands exchanges for a period up to and including April 28. The aggregate maximum consideration for the purchase of ordinary shares under the London contracts is $2.25B and the maximum consideration for the purchase of ordinary shares under the Netherlands contract is $1.75B. Purchases under the London contracts will be carried out in accordance with the company’s authority to repurchase shares on-market and will be effected within certain contractually agreed parameters. Purchases under the Netherlands contract will be carried out in accordance with the company’s authority to repurchase shares off-market pursuant to the off-market share buyback contract approved by its shareholders and the parameters set out therein. The maximum number of ordinary shares which may be purchased or committed to be purchased by the company under the program is 387,374,130, which is the maximum number remaining as of the date of this announcement pursuant to the relevant authorities granted by shareholders at the company’s 2022 Annual General Meeting.