Equinor ASA (EQNR), a Norwegian petroleum refiner, said on Thursday that it will start the second tranche of share repurchase of up to $1.6 billion of shares on May 14 for 2024. The drive will end no later than July 22.
In addition, for the first-quarter, the company has declared an ordinary dividend of $0.35 and extraordinary dividend of $0.35 per share.
The company intends to buy back shares for up to $528 million from the market, implying a total second tranche of up to $1.6 billion, including shares to be redeemed from the Norwegian State.
The second installment of the share buyback drive for 2024 proposes that the maximum number of shares to be purchased in the market will be 92 million.
The minimum price that can be paid per share is NOK 50, and the maximum price is NOK 1,000.
For this tranche, Equinor will enter into a non-discretionary deal with a third party who will execute repurchase.
Earlier, Equinor had announced a two-year share buy-back drive of total $10 billion to $12 billion for 2024-2025, with up to $6 billion for 2024, including shares to be redeemed from the Norwegian State.
For the first-quarter, Equinor has declared an ordinary cash dividend of $0.35 per share and an extraordinary cash dividend of $0.35 per share. The dividend will be paid on August 28 to shareholders of record on August 19.
Looking ahead, for the full year, the oil company expects organic capital expenditures of around $13 billion.
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