Equinor to commence fourth tranche of the 2026 share buy-back programme

What happened

Equinor will start the fourth tranche of its 2026 share buy-back on 29 October 2026, worth up to USD 1,125 million, including shares redeemed from the Norwegian State. Up to USD 371.3 million of shares will be bought in the market, and the tranche ends by 1 February 2027.

Confirmed

Global impact / market context

Buying back shares reduces the number of shares in circulation, which can support the value of each remaining share. The programme is capped at USD 3 billion for 2026 and depends on the market outlook and balance sheet strength, meaning cash available and debt levels, so weaker conditions could slow repurchases.

Analyst inference

Equinor expanded the 2026 programme from USD 1.5 billion announced in February to up to USD 3 billion at its June Capital Markets Day. A non-discretionary agreement with a third party means an outside firm trades independently of the company, which reduces the chance of company influence over timing.

Analyst inference

What to watch

1. The fourth tranche runs until no later than 1 February 2027, with up to USD 371.3 million of shares purchased in the market and the rest redeemed from the Norwegian State. Confirmed
2. Future tranches are expected to follow, since Equinor structures the programme into tranches that buy back shares for a set US dollar value over a defined period. Proposed
3. Watch Equinor's balance sheet strength and market outlook, because the programme is conditional on both, so weaker cash available or profit per sale could reduce buy-back activity. Analyst inference

Evidence

• globenewswire.com