Equinor to Begin Next Phase of Share Buy-Back Program for 2025

Equinor is set to launch the second phase of its 2025 share buy-back program following the annual general meeting on May 14, 2025. This new tranche will allow for the repurchase of up to USD 1,265 million worth of shares, as confirmed alongside the first quarter results released on April 30, 2025.

The successful execution of this share buy-back phase is contingent on obtaining a board authorization for share buy-back at the upcoming annual general meeting and reaching an agreement with the Norwegian State on share repurchases. Equinor plans to acquire shares worth up to USD 417.5 million in the open market in this second tranche, with the remaining amount earmarked for the redemption of shares from the Norwegian State. The purchasing period for this tranche is scheduled to conclude no later than July 21, 2025.

The decision to initiate this second tranche follows Equinor’s announcement back in February 2025 regarding a comprehensive share buy-back program for 2025, encompassing a total value of up to USD 5 billion. This ambitious program includes the redemption of shares from the Norwegian State and was designed to wrap up the previously outlined two-year buy-back initiative for 2024-2025, unveiled in February 2024. The company has structured this program into separate tranches, allowing for the repurchase of shares in specified amounts over defined time frames, subject to market conditions and the company’s financial standing.

For this second tranche in 2025, Equinor intends to enter into a non-discretionary agreement with a third party to oversee share repurchases and make independent trading decisions on behalf of the company. The subsequent initiation of new share buy-back tranches beyond 2025 will be evaluated by the board of directors on a quarterly basis in accordance with the company’s dividend policy, necessitating a fresh board authorization for share buy-back and an agreement with the Norwegian State.

The primary objective of these share buy-back programs is to reduce Equinor’s issued share capital. All shares acquired in the second tranche for 2025 will be subsequently canceled through a capital reduction at the company’s annual general meeting in May 2026.

The overall structure of the second tranche involves a board authorization that allows for the purchase of a maximum of 84 million shares on the market, with a stipulated price range of NOK 50 to NOK 1,000 per share. This authorization is intended to remain in effect until the annual general meeting of the company in May 2026, or until June 30, 2026, at the latest. Additionally, Equinor’s collaboration with the Norwegian State, as outlined in the share buy-back program, entails a specific agreement defining the State’s participation in the redemption of shares to uphold its ownership share at 67%. The redemption price for the State’s shares will be determined based on the volume-weighted average share price and interest rate considerations, adjusted for dividends paid.

In conclusion, Equinor has committed to fulfill its share buy-back obligations within the regulatory framework outlined by the EU Market Abuse Regulation and Norwegian Securities Trading Act. This forthcoming second tranche represents a strategic move by the company to enhance shareholder value and optimize its capital structure for long-term sustainability and growth prospects.