Equinor

Regulatory Filings • Mar 22, 2020

Equinor ASA: Suspending buy-back under the share buy-back programme until further notice

Equinor ASA: Suspending buy-back under the share buy-back programme until further notice

Equinor (OSE: EQNR, NYSE EQNR) is under the current market conditions suspending

buy-back under the share buy-back programme until further notice. Additionally,

Equinor has started to implement measures to reduce operating costs, capex and

exploration spend. An updated outlook is expected to be presented to the market

by the end of March 2020.

"As a result of significant improvements in recent years, Equinor has a strong

balance sheet and is in a good position to deal with the current circumstances,

as well as uncertainties in front of us. We are now taking actions to remain

resilient in a period of low prices, volatility and market uncertainty, in line

with our contingency plans. In this situation, with the spread of Covid-19 and

low commodity prices, we are suspending buy-back under the share buy-back

programme until further notice," says Eldar Sætre, President and CEO of Equinor

ASA.

The share buy-back programme of up to USD 5 billion, intended to be executed in

the market until 2022, was announced 5 September 2019 together with the launch

of the first tranche which was executed in the market in the period up to 4

February 2020. A proportionate share of the Norwegian State holding will as

planned be redeemed and canceled following approval from the Annual General

Meeting.

Equinor announced 6 February 2020 its intention to launch a second tranche of

around USD 675 million, including the Norwegian State share, from around 18 May

to 28 October 2020, subject to commodity price conditions, balance sheet

strength and renewal of authorisation to execute share buy-back at the annual

general meeting.

Under the current market conditions, Equinor is suspending buy-back under the

share buy-back programme until further notice. This means that the second

tranche will not be executed as previously planned.

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act