Equinor to commence first tranche of the 2023 share buy-back programme

08 Feb 2023 06:51 CET

Equinor (OSE: EQNR, NYSE: EQNR) will commence on 9 February 2023 the first
tranche of around USD 1 billion of the 2023 share buy-back programme, as
announced at the Capital Market Update 8 February 2023.

The first tranche of the share buy-back programme for 2023 is around USD 1
billion, including shares to be redeemed from the Norwegian State, and will end
no later than 24 March 2023. For 2023 Equinor announces a share buy-back
programme of up to USD 6 billion, including shares to be redeemed from the
Norwegian State.

The share buy-back programme is expected to be executed when Brent Blend oil
price is in or above the range of 50-60 USD/bbl, Equinor's net debt ratio
(excluding IFRS 16 leases) stays within the communicated ambition of 15-30% and
this is supported by commodity prices. The subsequent share buy-back tranches
after the first trance in 2023 are subject to the Board of Directors resolution
for each new tranche, renewal of the authorisation for share buy-back at the
annual general meeting on 10 May 2023 and renewal of a separate agreement with
the Norwegian State described below.

The purpose of the share buy-back programme is to reduce the issued share
capital of the company. All shares repurchased as part of the programme will be
cancelled.

According to existing agreement between Equinor and the Norwegian State, a
proportionate share of the Norwegian State's shares of the first tranche will be
redeemed and annulled at the annual general meeting in 2023. Based on renewal of
this agreement, subsequent tranches of the 2023 share buy-back programme will be
redeemed and annulled at the annual general meeting in 2024, ensuring that the
State's ownership interest in Equinor remains unchanged at 67%.

In this first tranche, shares for around USD 330 million will be purchased in
the market, implying a total first tranche of around USD 1 billion including
redemption of shares from the Norwegian State. For the first tranche in 2023,
Equinor is entering into a non-discretionary agreement with a third party who
will make its trading decisions independently of the company.

Further information about the share buy-back programme and the first tranche:

The first tranche of the share buy-back programme for 2023 is based on an
authorisation granted to the Board of Directors at the annual general meeting
11 May 2022. According to this authorisation, the maximum number of shares to be
purchased in the market is 75 million, the minimum price that can be paid per
share is NOK 50, and the maximum price is NOK 1,000. The authorisation is valid
until the earliest of 30 June 2023 and the ordinary annual general meeting in
2023.

Equinor has an agreement with the Norwegian State whereby the State will vote
for the cancellation of shares purchased pursuant to the authorisation, and the
redemption of a proportionate number of its shares in order to maintain its
ownership percentage in the company. The price to be paid to the State for
redemption of shares shall be the volume-weighted average of the price paid by
Equinor for shares purchased in the market plus an interest rate compensation,
adjusted for any dividends paid, in the period up until final settlement with
the State.

In the first tranche in 2023, shares will be purchased on the Oslo Stock
Exchange. Transactions will be conducted in accordance with applicable safe
harbour conditions, and as further set out i.a. in the Norwegian Securities
Trading Act of 2007, EU Commission Regulation (EC) No 2016/1052 and the Oslo
Stock Exchange's Guidelines for buy-back programmes and price stabilisation
February 2021. No purchases will be made in the United States or in respect of
Equinor's American Depositary Receipts.

The Board of Directors will propose to the annual general meeting in 2023 to
cancel shares purchased in the market in this first tranche and redeem and annul
the proportionate number of shares owned by the Norwegian State. Any shares
purchased in subsequent tranches in 2023 including a proportionate share of the
State's shares will follow a similar process at the following annual general
meeting in 2024.

This is information that Equinor is obliged to make public pursuant to the EU
Market Abuse Regulation and subject to the disclosure requirements pursuant to
Section 5-12 the Norwegian Securities Trading Act.

Further information from:

Investor relations
Bård Glad Pedersen, senior vice president Investor Relations,
+ 47 918 01 791

Media
Sissel Rinde, vice president Media Relations,
+ 47 412 60 584

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