06:33 AM EDT, 08/01/2024 (MT Newswires) -- Shell (SHEL) said Thursday it opened a $3.5 billion share buyback program covering a total contract term of about three months.

Shell said it entered an agreement with a broker to enable the purchase of ordinary shares on both London market exchanges and Netherlands exchanges up to Oct. 25. The maximum consideration for the London and Netherlands contracts is $1.75 billion each, and the maximum number of shares up for purchase is 644.2 million across both contracts.

The program, which intends to reduce Shell's issued share capital, is expected to be complete before the scheduled release of the company's Q3 results on Oct. 31.

Additionally, the company maintained its quarterly dividend of $0.34 per share, payable Sept. 23 to shareholders of record on Aug. 16.

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