Norwegian National Oil Company increases buyback scale and raises production target

Glonghui, June 16 – Equinor, Norway's state oil company, announced at its Capital Markets Day that it will double the size of its share buyback program for 2026 and has raised its production target for the Norwegian Continental Shelf. The company will increase the 2026 share buyback program from $1.5 billion to $3 billion, with the additional amount to be evenly split between the third and fourth tranches of the planned buybacks. Looking further ahead, the company stated that starting from 2027, annual share buybacks will remain in the range of $2 billion to $4 billion. Equinor also committed to increasing its quarterly per-share cash dividend at a rate of more than 5% per year. In terms of production, the company raised its Norwegian Continental Shelf production target to 1.35 million barrels of oil equivalent per day by 2030, which is 100,000 barrels of oil equivalent per day higher than the previous guidance.