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# Equinor Starts Fourth 2026 Buyback Tranche Of Up To $1.125 Billion, Only $371.3 Million In Open Market
- URL: https://www.bullished.co/equinor-starts-fourth-2026-buyback-tranche-of-up-to-1-125-billion-only-371-3-million-in-ed0cf3e6/
- Published: 2026-10-28T10:12:06.000Z
- Updated: 2026-10-28T10:12:06.000Z
- Description: The rest of the tranche is shares the Norwegian State will have redeemed to hold its stake at 67%.
- Author: Matteo Parrino
- Tags: SEC Filings, EQNR, Industry: Energy

Equinor, the Norwegian energy company, will begin the fourth tranche of its 2026 share buyback on 29 October, worth [up to USD 1,125 million](https://www.sec.gov/Archives/edgar/data/1140625/000117184326006878/exh%5F991.htm?ref=bullished.co) once shares redeemed from the Norwegian State are counted. Only up to USD 371.3 million of that will be bought in the open market, the company said in a release furnished to the SEC on Wednesday.

## How the tranche is built

The market purchases will run no later than 1 February 2027\. Equinor will hand execution to a third party under a non-discretionary agreement, and that party will make its trading decisions independently of the company.

Shares will be bought on the Oslo Stock Exchange and potentially on other trading venues within the EEA. The company said the purpose of the program is to shrink its issued share capital, and every share bought in this tranche will be cancelled at the annual general meeting in May 2027.

The board's authorisation, granted at the 12 May 2026 annual general meeting, allows up to 78 million shares to be bought in the market. At the start of this tranche, [65,708,418 remain available](https://www.sec.gov/Archives/edgar/data/1140625/000117184326006878/exh%5F991.htm?ref=bullished.co). Equinor set a price floor of NOK 50 and a ceiling of NOK 1,000 per share.

## The State keeps its 67%

Under an agreement with the Norwegian State, the State will vote in May 2027, on the board's proposal, to cancel the shares bought in the market. It will also have a proportionate number of its own shares redeemed, so its ownership stays at 67%.

The State is paid the volume-weighted average of the price Equinor paid in the market, plus interest rate compensation, adjusted for any dividends paid.

## A program that grew to $3 billion

Equinor [announced](https://www.globenewswire.com/news-release/2026/10/28/3389848/0/en/equinor-to-commence-fourth-tranche-of-the-2026-share-buy-back-programme.html?ref=bullished.co) a 2026 buyback of up to USD 1.5 billion, including State shares, with its fourth-quarter and full-year 2025 results on 4 February 2026\. At its Capital Markets Day on 16 June, it raised the program to up to USD 3 billion, again including State shares.

The program is subject to market outlook and balance sheet strength. Whether to start tranches after this one will be decided quarterly by the board, in line with the dividend policy, and depends on general meeting authorisation and agreement with the State.

The purchased shares, and the State's proportionate slice, are due to be cancelled at the May 2027 annual general meeting.

### Sources

- [Form 6-K — Equinor to commence fourth tranche of the 2026 share buy-back programme Equinor (OSE: EQNR, NYSE: EQNR) will on 29 October 2026 commence the fourth tranche of up to USD 1,125 million of the](https://www.sec.gov/Archives/edgar/data/1140625/000117184326006878/exh%5F991.htm?ref=bullished.co) — SEC EDGAR
- [Equinor to commence fourth tranche of the 2026 share](https://www.globenewswire.com/news-release/2026/10/28/3389848/0/en/equinor-to-commence-fourth-tranche-of-the-2026-share-buy-back-programme.html?ref=bullished.co) — globenewswire.com
- [Equinor third quarter 2026 results](https://www.globenewswire.com/news-release/2026/10/28/3389846/0/en/equinor-third-quarter-2026-results.html?ref=bullished.co) — globenewswire.com
- [Equinor vil starte fjerde transje av tilbakekjøpsprogrammet](https://www.globenewswire.com/news-release/2026/10/28/3389848/0/no/equinor-vil-starte-fjerde-transje-av-tilbakekj%c3%b8psprogrammet-for-aksjer-for-2026.html?ref=bullished.co) — globenewswire.com
- [Equinor ASA: Nøkkelinformasjon angående kontantutbytte for](https://www.globenewswire.com/news-release/2026/10/28/3389847/0/no/equinor-asa-n%C3%B8kkelinformasjon-ang%C3%A5ende-kontantutbytte-for-tredje-kvartal-2026.html?ref=bullished.co) — globenewswire.com
- [Equinor ASA: Share buy-back – third tranche for 2026](https://www.globenewswire.com/news-release/2026/10/27/3388716/0/en/equinor-asa-share-buy-back-third-tranche-for-2026.html?ref=bullished.co) — globenewswire.com