Energy, Automobile, EV, Renewable News | Equinor announce 2022 share buy-back programme

Equinor announce 2022 share buy-back programme

July 27, 2022

Equinor (OSE: EQNR, NYSE: EQNR) will commence on 28 July 2022 the third tranche of around USD 1.833 billion of the 2022 share buy-back programme, as announced in relation with the second quarter results on 27 July 2022.

Based on the strength of the balance sheet and the outlook for commodity prices, the board has decided to initiate a third tranche of share buy-back of around USD 1.833 billion and increase the target level of share buy-back for 2022 from previously communicated USD 5 billion up to USD 6 billion. The third tranche will commence on 28 July and will end no later than 26 October 2022. The third tranche of around USD 1.833 billion includes shares to be redeemed from the Norwegian State.
The purpose of the share buy-back programme is to reduce the issued share capital of the company. All shares repurchased as part of the programme will be cancelled.
According to an agreement between Equinor and the Norwegian State, the Norwegian State will participate in share buy-backs on a proportionate basis, ensuring that its ownership interest in Equinor remains unchanged at 67%.
The share buy-back programme for 2022 will be structured into tranches where Equinor will buy back a certain value in USD of shares over a defined period. For the third tranche for 2022, running from 28 July 2022 until no later than 26 October 2022, Equinor is entering into a non-discretionary agreement with a third party who will make its trading decisions independently of the company.
In this third tranche, shares for up to around USD 605 million will be purchased in the market, implying a total second tranche of around USD 1.833 billion including redemption of shares from the Norwegian State.
The execution of further tranches of the share buy-back programme for 2022 will be notified to the market.

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