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Equinor suspends share buy-back programme

Mar 25, 2020
2 min read
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Norway's Equinor announced that under the current market conditions it is suspending buy-back under the share buy-back programme until further notice.

Additionally, Equinor has started to implement measures to reduce operating costs, capex and exploration spend.

"As a result of significant improvements in recent years, Equinor has a strong balance sheet and is in a good position to deal with the current circumstances, as well as uncertainties in front of us. We are now taking actions to remain resilient in a period of low prices, volatility and market uncertainty, in line with our contingency plans. In this situation, with the spread of Covid-19 and low commodity prices, we are suspending buy-back under the share buy-back programme until further notice," said Eldar Sætre, president and CEO of Equinor ASA.

The share buy-back programme of up to USD$5 billion, intended to be executed in the market until 2022, was announced 5 September 2019 together with the launch of the first tranche which was executed in the market in the period up to 4 February 2020

Under the current market conditions, Equinor is suspending buy-back under the share buy-back programme until further notice. This means that the second tranche will not be executed as previously planned.

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