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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 year-on-year 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 back $10bn to $12bn of its shares, with as much as $6bn 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 and $17.01bn in the year-earlier quarter, as “significantly” lower gas prices from the “extraordinary price levels” of 2022 offset an increase in production.