Shell plc (LSE: SHEL) (NYSE: SHEL) (AEX: SHELL) commenced registered exchange offers for notes totaling approximately $5.35 billion issued by its subsidiary Shell Finance US Inc.

The exchange offers cover six series of unregistered notes with varying interest rates and maturity dates. The largest offering involves $2.06 billion in 6.375% notes due 2038, followed by $993.7 million in 3.125% notes due 2049.

Shell Finance US will exchange the unregistered notes for new registered securities with substantially identical terms. The new exchange notes will be registered under the U.S. Securities Act of 1933, removing transfer restrictions and registration rights provisions that apply to the original notes.

The exchange offers will accept all validly tendered notes prior to 5:00 p.m. New York time on July 8, 2026. Settlement is expected within two business days after the expiration date. Holders may withdraw their tenders before the deadline according to procedures outlined in the prospectus.

The complete series being exchanged includes $920.7 million in 3.875% notes due 2028, $802.1 million in 5.500% notes due 2040, $691.2 million in 5.125% notes due 2041, and $876.8 million in 3.000% notes due 2051.

D.F. King & Co., Inc. serves as the exchange agent and information agent for the transactions. The exchange offers are being made pursuant to a registration statement filed with the Securities and Exchange Commission, including a prospectus dated June 8, 2026.