Equinor to commence fourth tranche of the 2026 share buy-back programme
The fourth tranche includes up to USD 371.3 million of market purchases, with the remainder covering Norwegian State share redemptions.
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Rhea-AI Summary
Equinor (EQNR) will begin its fourth 2026 share buy-back tranche of up to USD 1,125 million on 29 October 2026. The amount includes Norwegian State share redemptions, with up to USD 371.3 million to be purchased in the market. The tranche will end no later than 1 February 2027.
The 2026 programme was increased to up to USD 3 billion in June and remains subject to market outlook and balance sheet strength. The board will propose cancellation of the fourth-tranche shares at the May 2027 annual general meeting, alongside proportionate State share redemptions to maintain the State’s 67% ownership.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate point. Forward-looking: it has not happened yet and may not happen.Up to USD 1,125 million fourth tranche starts 29 October 2026, ending no later than 1 February 2027.
- Minor point. Forward-looking: it has not happened yet and may not happen.Fourth-tranche share cancellation will be proposed at the May 2027 annual general meeting to reduce issued share capital.
Negative
- Minor pointMarket outlook and balance sheet strength remain conditions for the share buy-back programme.
- Minor point. Forward-looking: it has not happened yet and may not happen.Future tranches require quarterly board decisions, general-meeting authorisation and an agreement with the Norwegian State.
Key Figures
- Fourth-tranche total
- Up to USD 1,125 million
- 2026 fourth tranche, including shares to be redeemed from the Norwegian State
- Market purchases
- Up to USD 371.3 million
- Fourth tranche; shares purchased in the market
- 2026 programme ceiling
- Up to USD 3 billion
- Programme amount including shares to be redeemed from the Norwegian State
- Tranche end date
- 1 February 2027
- Fourth tranche will end no later than this date
- Shares available under authorization
- 65,708,418 shares
- Remaining market-purchase authorization at commencement of the fourth tranche
- Authorized share-price range
- NOK 50 minimum; NOK 1,000 maximum
- Price limits per share under the authorization
- State ownership share
- 67%
- Ownership share the State agreement provides will be maintained
- Share cancellation milestone
- May 2027
- Annual general meeting at which fourth-tranche shares are to be cancelled
Key Terms
volume-weighted average financial
safe harbour regulatory
capital reduction financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Equinor (OSE: EQNR, NYSE: EQNR) will on 29 October 2026 commence the fourth tranche of up to USD 1,125 million of the share buy-back programme for 2026, as announced in connection with the company’s third quarter results on 28 October 2026.
In this fourth tranche of the share buy-back programme for 2026, shares for up to USD 371.3 million will be purchased in the market, implying a total fourth tranche of up to USD 1,125 million including shares to be redeemed from the Norwegian State. The tranche will end no later than 1 February 2027.
Equinor announced at the 4Q and full year 2025 results presentation on 4 February 2026, a share buy-back programme of up to USD 1.5 billion for 2026, including shares to be redeemed from the Norwegian State. At the Capital Markets Day on 16 June this year, the share buy-back programme for 2026 was further increased to up to USD 3 billion, including shares to be redeemed from the Norwegian State. The share buy-back programme will be subject to market outlook and balance sheet strength and be structured into tranches where Equinor will buy back shares for a certain value in USD over a defined period. For the fourth tranche for 2026, Equinor will be entering into a non-discretionary agreement with a third party who will execute repurchases of shares and make its trading decisions independently of the company.
The commencement of future share buy-back tranches after the fourth tranche for 2026 will be decided by the board of directors on a quarterly basis, in line with the company’s dividend policy, and will be subject to board authorisation for share buy-backs from the company’s general meeting and agreement with the Norwegian State regarding share buy-back (as further described below).
The purpose of the share buy-back programme is to reduce the issued share capital of the company. All shares purchased as part of the fourth tranche for 2026 will thus be cancelled through a capital reduction at the annual general meeting of the company in May 2027.
Further information about the share buy-back programme and the fourth tranche:
The fourth tranche of the share buy-back programme for 2026 is based on an authorisation granted to the board of directors at the annual general meeting of the company held on 12 May 2026. According to the authorisation, the maximum number of shares that may be purchased in the market is 78 million, of which 65,708,418 remain available at the commencement of the fourth tranche for 2026 (taking into account buy-backs carried out under previous tranches during the authorisation period). The minimum price that can be paid per share is NOK 50, and the maximum price is NOK 1,000. The authorisation is valid until the annual general meeting of the company in May 2027, but no later than 30 June 2027.
An agreement between Equinor and the Norwegian State governs the State's participation in the share buy-back programme: at the annual general meeting of the company in May 2027, the State will, as per proposal by the board of directors, vote for the cancellation of shares purchased in the market pursuant to the board authorisation, and the redemption and cancellation of a proportionate number of its shares in order to maintain its ownership share in the company at
In the fourth tranche for 2026, shares will be purchased on the Oslo Stock Exchange and potentially also on other trading venues within the EEA. Transactions will be conducted in accordance with applicable safe harbour conditions, and as further set out in the Norwegian Securities Trading Act of 2007, EU Commission Regulation No 2016/1052 and the Norwegian Financial Supervisory Authority's Guidelines for buy-back programmes from March 2025.
The board of directors will propose to the annual general meeting to be held in May 2027, to cancel shares purchased in the market in this fourth tranche in 2026 and to redeem and cancel a proportionate number of the State’s shares per the agreement with the State.
This is information that Equinor ASA is obliged to make public pursuant to the EU Market Abuse Regulation and that is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
Further information from:
Investor relations
Bård Glad Pedersen, senior vice president Investor Relations
+47 918 01 791
Media
Sissel Rinde, vice president Media Relations
+47 412 60 584
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much will Equinor buy back in its fourth 2026 tranche, and when?
Equinor will begin a tranche of up to USD 1,125 million on 29 October 2026, ending no later than 1 February 2027. This includes up to USD 371.3 million of market purchases and shares to be redeemed from the Norwegian State.
How will Equinor execute the fourth 2026 buy-back tranche?
A third party will execute purchases under a non-discretionary agreement, making trading decisions independently of Equinor. Purchases will take place on the Oslo Stock Exchange and potentially other trading venues within the EEA. The authorisation permits prices from NOK 50 to NOK 1,000 per share.