Core Viewpoint - Equinor is set to commence the third tranche of its share buy-back program for 2025, amounting to up to USD 1,265 million, with a specific focus on purchasing shares worth up to USD 417.5 million in the market [1][2]. Group 1: Share Buy-Back Program Details - The total share buy-back program for 2025 is up to USD 5 billion, which includes shares to be redeemed from the Norwegian State, and is structured into tranches [2]. - The third tranche will be executed under a non-discretionary agreement with a third party, allowing independent trading decisions [2]. - The maximum number of shares that can be purchased in the market is 84 million, with 67,622,812 shares remaining available at the start of the third tranche [5]. Group 2: Cancellation and Redemption Process - All shares purchased in the third tranche will be cancelled through a capital reduction at the annual general meeting in May 2026 [4]. - The Norwegian State will vote for the cancellation of shares purchased in the market and redeem a proportionate number of its shares to maintain a 67% ownership stake [6][8]. Group 3: Regulatory Compliance - Share purchases will be conducted on the Oslo Stock Exchange and possibly other trading venues within the EEA, adhering to applicable safe harbour conditions and regulations [7]. - The board of directors will propose the cancellation of shares purchased in the third tranche at the annual general meeting in May 2026 [8].

Core Points - Equinor (OSE: EQNR, NYSE: EQNR) has announced a cash dividend of 0.37 USD for the second quarter of 2025 [1] - The last day to include rights for the dividend is 12 November 2025 [1] - The ex-date for Oslo Børs is 13 November 2025, and for the New York Stock Exchange, it is 14 November 2025 [1] - The record date for the dividend is set for 14 November 2025 [1] - The payment date for the dividend is scheduled for 26 November 2025 [1] - The approval date for the dividend was 22 July 2025 [1] - The cash dividend per share in NOK will be communicated on 20 November 2025 [1] Regulatory Compliance - The information is published in accordance with the Euronext Oslo Børs Continuing Obligations [2] - It is subject to the disclosure requirements pursuant to Section 5-12 in the Norwegian Securities Trading Act [2]

Financial Performance - Equinor reported an adjusted operating income of USD 6.53 billion and an adjusted net income of USD 1.67 billion for Q2 2025, leading to adjusted earnings per share of USD 0.64 [1][8] - The net operating income decreased to USD 5.72 billion from USD 7.66 billion in the same quarter last year, impacted by an impairment of USD 955 million due to regulatory changes [9] - Cash flows from operating activities before taxes and working capital items amounted to USD 9.17 billion for the quarter [10] Production and Operational Highlights - Total equity production reached 2,096 mboe per day, a 2% increase from 2,048 mboe in Q2 2024 [4] - The US onshore assets contributed to a 28% increase in oil and gas production compared to the same period last year [5] - The Johan Castberg field reached production plateau shortly after starting operations, contributing to strong operational performance [14] Strategic Developments - Equinor is progressing its renewable energy portfolio, with financial closure on the Baltyk 2 and 3 offshore wind projects in Poland, totaling EUR 6 billion [16] - The company announced the divestment of the Peregrino field in Brazil for USD 3.5 billion, focusing on the Bacalhau field start-up expected later in 2025 [15] - A long-term gas sales agreement was signed with Centrica for 55 TWh of natural gas per year over ten years, emphasizing the importance of gas supplies from the Norwegian continental shelf [14] Capital Distribution - An ordinary cash dividend of USD 0.37 per share was declared, with an expected total capital distribution of USD 9 billion for 2025, including a share buy-back program of up to USD 5 billion [17][18] - The third tranche of the share buy-back program, valued at up to USD 1.265 billion, is set to commence on July 24, 2025 [18]

July 22, 2025 06:35 PM GMT RESEARCH Commodities The Oil Manual – Chartbook: 200 Charts that Decode the Oil Market Source: Shutterstock Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision. For analyst certificati ...

July 22, 2025 04:13 AM GMT Energy | Asia Pacific M Idea China's Anti-Involution Implications After the steel and solar supply chains, China's downstream energy supply side reforms should help re-rate the rest of the regional fuel refiners and reduce the overhang on domestically oriented chemicals. Reliance, HPCL, BPCL, Deepak Nitrite, Indorama and Thai Oil are key beneficiaries. China's State Council's press conference mentioned supply-side reform of refining and chemicals and our China team sees potential ...

President Trump said the US and Japan are close to a deal to jointly export LNG from Alaska https://t.co/7cZ2DLJDh7 ...

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Shell (SHEL) closed at $71.15 in the latest trading session, marking a +1.18% move from the prior day. This change outpaced the S&P 500's 0.06% gain on the day. Meanwhile, the Dow experienced a rise of 0.41%, and the technology-dominated Nasdaq saw a decrease of 0.39%. Heading into today, shares of the oil and gas company had lost 0.73% over the past month, outpacing the Oils-Energy sector's loss of 3.71% and lagging the S&P 500's gain of 5.88%.Investors will be eagerly watching for the performance of Shell ...

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Group 1: Earnings Performance - EQT Corporation reported quarterly earnings of $0.45 per share, exceeding the Zacks Consensus Estimate of $0.44 per share, compared to a loss of $0.08 per share a year ago, representing an earnings surprise of +2.27% [1] - Over the last four quarters, the company has surpassed consensus EPS estimates four times [2] - The company posted revenues of $1.6 billion for the quarter ended June 2025, missing the Zacks Consensus Estimate by 10.81%, compared to year-ago revenues of $1.18 billion [2] Group 2: Stock Performance and Outlook - EQT shares have increased approximately 16.1% since the beginning of the year, outperforming the S&P 500's gain of 7.2% [3] - The current consensus EPS estimate for the coming quarter is $0.66 on revenues of $1.98 billion, and for the current fiscal year, it is $3.37 on revenues of $8.37 billion [7] - The estimate revisions trend for EQT was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Group 3: Industry Context - The Oil and Gas - Exploration and Production - United States industry is currently in the bottom 28% of over 250 Zacks industries, which may impact stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that tracking these revisions can be beneficial for investors [5]