Equinor Launches First Tranche of USD 1.2 Billion Share Buy-Back Programme for 2025

Equinor Launches First Tranche of USD 1.2 Billion Share Buy-Back Programme for 2025

(IN BRIEF) Equinor has announced the start of the first tranche of its 2025 share buy-back programme, set to repurchase up to USD 396 million worth of shares from the market, part of a broader programme valued at USD 5 billion. The buy-back initiative, which includes shares to be redeemed from the Norwegian State, will conclude by 2 April 2025. The company plans to reduce its issued share capital through these repurchases, with all shares purchased in the first tranche to be cancelled at the 2025 AGM. The buy-back will be carried out in tranches based on market conditions, with future repurchases subject to board approvals and agreements with the Norwegian State to maintain its 67% ownership stake.

(PRESS RELEASE) STAVANGER, 5-Feb-2025 — /EuropaWire/ — Equinor has announced the commencement of the first tranche of its share buy-back programme for 2025, set to begin on 6 February 2025. As part of the programme, the company will repurchase shares worth up to USD 396 million from the market, contributing to a total first tranche of up to USD 1.2 billion, which also includes shares to be redeemed from the Norwegian State. This tranche is scheduled to conclude by no later than 2 April 2025.

The overall share buy-back programme for 2025 is valued at up to USD 5 billion, continuing the two-year programme initially announced in February 2024. This initiative will be executed in tranches, with each tranche structured around specific market conditions and the company’s financial position. For the first tranche, Equinor will engage a third-party entity under a non-discretionary agreement to handle the share repurchases independently of the company.

Future tranches of the programme will be determined on a quarterly basis by Equinor’s board, in accordance with the company’s dividend policy and subject to board authorisations at the annual general meeting (AGM) and agreements with the Norwegian State regarding share buy-backs.

The primary goal of this buy-back programme is to reduce the company’s issued share capital. All shares purchased in the first tranche will be cancelled through a capital reduction at Equinor’s AGM in May 2025.

Additional details regarding the share buy-back programme indicate that the board of directors was granted authorisation at the 2024 AGM to repurchase a maximum of 92 million shares, of which 30,843,973 remain available at the start of the first tranche. The price range for these shares is between NOK 50 and NOK 1,000. The authorisation will remain valid until 30 June 2025 or until the 2025 AGM, whichever comes first.

In addition to the market repurchases, an agreement with the Norwegian State will ensure that the State maintains its 67% ownership stake in the company. Under this agreement, the State will redeem and cancel a proportionate number of its shares, with the price based on the volume-weighted average price of shares repurchased from the market.

The buy-back transactions will occur on the Oslo Stock Exchange and potentially other venues within the EEA, adhering to the safe harbour provisions set by the Norwegian Securities Trading Act, EU Commission Regulation No 2016/1052, and the Oslo Stock Exchange’s guidelines for buy-back programmes.

At the 2025 AGM, the board will propose the cancellation of the shares repurchased in the first tranche and the redemption of a proportionate number of the State’s shares. This process will be repeated for subsequent tranches of the buy-back programme, with the cancellation and redemption of shares to be discussed at the 2026 AGM.

This announcement is made in compliance with the EU Market Abuse Regulation and the disclosure requirements of the Norwegian Securities Trading Act.

Media Contacts:

Investor Relations:
Bård Glad Pedersen
senior vice president Investor Relations,
+47 918 01 791

Media Relations:
Sissel Rinde
vice president Media Relations,
+47 412 60 584

SOURCE: Equinor