04:38 AM EST, 01/30/2025 (MT Newswires) -- Shell (SHEL) said Thursday it has launched a $3.5 billion stock buyback plan for a total contract term of about three months to reduce the issued share capital of the company.

Shell intends to complete the program before its Q1 results, scheduled for May 2, it added.

The oil giant said it has signed two irrevocable, non-discretionary contracts with a single broker for the buyback to purchase a maximum of $2.1 billion of its ordinary shares under the London contract and $1.4 billion of shares under the Netherlands contract.

Shell can purchase a maximum of 420 million of its ordinary shares under the plan.