Shell commences second tranche of $8.5B share buyback program

Shell announced the commencement of trading in the second tranche of its $8.5B share buyback program previously announced on February 3. The company completed the first tranche of this share buyback program on May 4. In aggregate, between February 3 and May 4, the company repurchased 148,200,897 ordinary shares for an aggregate consideration of $4B. It is intended that, subject to market conditions, the second tranche of this buyback program will be completed by the company's Q2 results, which are scheduled for July 28. In the second tranche, the company has entered into an irrevocable, non-discretionary arrangement with a broker to enable the purchase of ordinary shares for a period up to and including July 22. The aggregate maximum consideration for the purchase of ordinary shares under the second tranche is $4.5B. The purpose of the second tranche is to reduce the issued share capital of the company. All shares repurchased as part of the second tranche will be cancelled. The maximum number of ordinary shares which may be purchased by the company under the second tranche is 473,893,931, which is the maximum pursuant to the authority granted by shareholders at the company's 2021 Annual General Meeting, less the number of ordinary shares repurchased by the company pursuant to the share buyback programs announced on July 29, 2021, December 2, 2021 and February 3.