EQNR - Equinor to begin $1.33B 2nd tranche of stock buyback program in May

Equinor (NYSE:EQNR) said it will begin the second tranche of its share buyback program for 2022 of $1.33B on May 16. The Norwegian State will participate in the share buy-backs on a proportionate basis, such that its stake in Equinor remains unchanged at 67%. In this second tranche, shares for up to ~$440M will be bought in the market, implying a total second tranche of ~$1.33B including redemption of shares from the Norwegian State. The second tranche will run from May 16 until no later than July 26. The company added that execution of the program from May 2022 and until April 2023 is subject to approval at annual general meeting on May 11. Equinor (EQNR) noted that the annual share buy-back program of $1.2B, introduced in June 2021, is expected to be executed when Brent Blend oil price is in or above the range of 50-60 USD/bbl.

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Equinor to begin $1.33B 2nd tranche of stock buyback program in May