Equinor Nears Completion of Initial Share Repurchase Phase

Equinor accelerates share repurchases, reports strong Q4 2025 profit, and raises dividend. The first 2026 buyback tranche concludes March 30.

The Norwegian energy giant Equinor is approaching the conclusion of the first segment of its share buyback initiative for 2026. The company has been actively utilizing the period, which is scheduled to close on March 30.

Financial Performance Underpins Capital Return

Equinor's latest financial results provide the foundation for its capital return strategy. The company reported an adjusted operating profit of USD 6.2 billion for the fourth quarter of 2025. Concurrently, management has outlined plans to reduce organic investments for 2026/27 by USD 4 billion, cut operating costs by 10% in 2026, and target production growth of approximately 3%. Reflecting this strength, the quarterly dividend was raised to USD 0.39 per share, an increase of USD 0.02 from the previous quarter.

Buyback Details and Accelerated Activity

Since initiating this tranche on February 5, Equinor has repurchased a total of roughly 3.46 million of its own shares. The aggregate expenditure amounts to just over NOK 1.02 billion, equating to a weighted average price of approximately NOK 294.62 per share. Upon finalizing these transactions, the company will hold 64.2 million treasury shares, representing 2.51% of its share capital.

Notably, the pace of repurchases accelerated significantly in the latter half of March. In the single week from March 16 to 20, Equinor bought back nearly 459,000 shares at an average price of NOK 365.93. This marks a substantial increase from the average price of around NOK 306 seen in early March, mirroring the upward trajectory of the share price during this period.

Broader 2026 Framework and State Participation

This initial phase forms part of a more extensive authorization. Equinor's board has approved an overarching program for 2026 of up to USD 1.5 billion, with execution contingent on market conditions and the strength of the company's balance sheet. All shares acquired in this first tranche are slated for cancellation at the Annual General Meeting in May 2026.

The Norwegian state, which remains the majority shareholder with a 67% stake, will cancel a proportional number of its own shares to maintain its ownership percentage throughout this process.

Path Forward

Following the March 30 deadline for the current tranche, Equinor's board will make quarterly decisions regarding subsequent buyback phases. Formal confirmation of the share cancellations will then be sought at the shareholder meeting in May.