Equinor ASA will commence the third tranche of its share buy-back programme for 2026 on 23 July 2026, valued at up to USD 1,125 million. This tranche includes shares for up to USD 371.3 million to be purchased in the market and shares to be redeemed from the Norwegian State. The total share buy-back programme for 2026 has been increased to up to USD 3 billion, following an initial announcement of USD 1.5 billion made in February 2026. The third tranche is scheduled to conclude no later than 26 October 2026.

Programme Details and Execution

The third tranche will be executed under a non-discretionary agreement with a third party who will make trading decisions independently of Equinor. Shares will be purchased on the Oslo Stock Exchange and potentially other trading venues within the EEA. The programme is based on an authorisation from the annual general meeting held on 12 May 2026, which allows for the purchase of a maximum of 78 million shares. At the commencement of the third tranche, 74,465,025 shares remain available for purchase. The price per share is set between a minimum of NOK 50 and a maximum of NOK 1,000.

Strategic Context and Capital Distribution

Equinor reported an adjusted operating income of USD 11.48 billion in the second quarter of 2026, supporting the capital distribution initiatives. The board of directors declared a cash dividend of USD 0.39 per share for the second quarter. The share buy-back programme aims to reduce the issued share capital of the company. All shares purchased under the third tranche will be cancelled through a capital reduction at the annual general meeting in May 2027.

Norwegian State Participation

An agreement with the Norwegian State governs its participation in the programme to maintain its ownership share at 67%. The State will vote for the cancellation of shares purchased in the market and the redemption of a proportionate number of its own shares. The redemption price for the State's shares will be the volume-weighted average price paid by Equinor for market purchases, plus interest rate compensation and adjusted for dividends.

Key Financial Metrics

Equinor has outlined its operational expectations for 2026, targeting organic capital expenditures of around $13 billion alongside a 3% increase in oil and gas production compared to 2025 levels. The company aims to maintain its unit of production cost within the top quartile of its peer group, ensuring competitive efficiency as it scales output. Scheduled maintenance activities are projected to reduce equity production by approximately 35 mboe per day throughout the full year of 2026.

Capital Expenditure and Production Targets

The company's financial strategy for 2026 focuses on disciplined investment, with organic capex anchored at the $13 billion mark. This spending plan supports the anticipated growth in hydrocarbon output, which is set to rise by 3% year-over-year. Equinor emphasizes its commitment to cost leadership, striving to keep production costs in the top quartile relative to industry peers.

Operational Impact of Maintenance

While production volumes are set to expand, operational efficiency will be influenced by scheduled maintenance. The company estimates that these activities will lower equity production by about 35 mboe per day in 2026. This figure represents the aggregate impact of maintenance-related downtime across the company's asset portfolio for the year.