The overall programme was due to run until 2022.
SEATTLE (Oil Monster): Norway’s Equinor has suspended its ongoing $5 billion share buyback programme due to the coronavirus outbreak and the crash in oil prices, the company said on Sunday.
The European oil major was planning to execute the second tranche of its plan - worth $675 million when including the Norwegian state’s share - between May 18 and Oct. 28.
The overall programme was due to run until 2022.
“Equinor is under the current market conditions suspending buy-back under the share buy-back programme until further notice,” it said in a statement.
Equinor also said it was implementing measures to reduce operating costs, capital expenditure and exploration spending. On March 17, it had said it was “reviewing” its spending plans.
“An updated outlook is expected to be presented to the market by the end of March 2020,” Equinor said on Sunday.
Equinor is the latest oil company to announce cutbacks to cope with the coronavirus outbreak and the fall in crude prices, with Brent closing at $26.98 on Friday, down around 50% from early March.
Courtesy: www.reuters.com
United States Crude Oil Prices | |||
---|---|---|---|
COMMODITY | PRICE | CHANGE | |
Alabama Heavy Asphaltic Sour | 66.67 | +0.25 | |
Alabama Light Sour | 74.08 | +0.28 | |
Alabama Light Sour Womack Hill Type | 55.28 | +5.30 | |
Alabama Light Sweet | 79.08 | +0.28 | |
Alabama/ Florida Panhandle | 75.82 | -1.30 |
Plastic Keychain Magnet
Keychain Magnets as gift items to promote your Scrap Metal Recycling business!. Letters and numbers can be imprinted. Available Colors: Red, Blue and Green
$2.59
Scrap Metal Test Magnet 10 lb N52 Neodymium Rare Earth
Retrieval and Metal Testing Magnet. Contains The Most Powerful Grade of Neodymium Rare Earth Magnet (N52). Case Material: Aluminum
$9.99