Equinor doubles 2026 buyback to $3B, lifts Norway output target
EQNR•Equinor doubled its 2026 share buyback to $3 billion from $1.5 billion, allocating the raise equally across the third and fourth tranches. It also lifted its Norwegian Continental Shelf production target by 100,000 boe/d to 1.35 million boe/d by 2030 and pledged $2–4 billion annual buybacks from 2027.
1. 2026 Share Buyback Expansion
Equinor will double its 2026 share buyback to $3 billion from $1.5 billion, splitting the additional $1.5 billion equally between the third and fourth tranches.
2. Ongoing Buybacks and Dividend Growth
From 2027 onward, the company targets annual share repurchases of $2–4 billion, contingent on oil prices between $60–$80 per barrel and European gas at $7–$11 per MMBtu, while committing to more than 5% annual dividend growth.
3. Raised Production Targets
Equinor raised its Norwegian Continental Shelf production goal by 100,000 boe/d to 1.35 million boe/d by 2030 and set group output at 2.3 million boe/d, driven by low-break-even tie-back developments.
4. Cash Flow and Capex Outlook
Equinor projects free cash flow above $40 billion for 2026–2030, exceeding consensus of about $29 billion, and plans organic capex of roughly $12 billion in 2027, rising to $11–13 billion annually through 2030 with 60% allocated to the Norwegian shelf.
