Norwegian energy group Equinor said it planned to repurchase up to $12bn of shares over the next two years, even as it announced a halving of adjusted earnings in the fourth quarter due to lower gas prices.
The state-controlled group, the biggest supplier of gas to Europe, said it planned to buy $10bn to $12bn of its shares, with as much as $6bn of the buyback to be completed in 2024. It also proposed an “extraordinary cash dividend” of $0.35 per share.
Equinor reported $8.68bn in net adjusted earnings in the fourth quarter, down from $8.02bn in the previous three months, as “significantly” lower gas prices from the “extraordinary price levels” of 2022 offset an increase in production, the company said.
Read the full article here