The Strategist

Equinor suspends buyback program

03/23/2020 - 07:54

The Norwegian oil and gas group Equinor (formerly Statoil) has suspended the buyback program due to coronavirus, the company said in a press release.

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opus kinetic
“We are now taking action to remain stable during a period of low prices, volatility and market uncertainty, in accordance with our contingency plans. In this situation, due to the spread of Covid-19 and low commodity prices, we suspend the buyback program shares until further notice," said Eldar Sætre, President and CEO of Equinor.

The share buyback program for up to $ 5 billion by 2022 was announced on September 5, 2019.

In addition, the company began implementing measures to reduce operating costs, capital costs and exploration costs. Equinor plans to submit an updated forecast by the end of March 2020.

Statoil oil and gas group changed its name to Equinor in May 2018. The company has been developing hydrocarbons on the Norwegian continental shelf for more than 30 years. The largest shareholder is Norway.