March 17, 2020 / 12:28 PM / 13 days ago

Equinor reviewing spending plans due coronavirus outbreak

OSLO, March 17 (Reuters) - Norwegian oil firm Equinor is reviewing its capital and exploration spending plans after the oil industry was hit with the effects of the coronavirus pandemic and the oil price crash, it said on Tuesday.

The firm’s second tranche of its share buyback programme - worth $675 million when including the Norwegian state’s share and scheduled to run from May 18 to Oct. 28 - was still on the table, pending approval by the annual shareholders’ meeting, Equinor’s spokesman said.

“We are doing all we can to reduce the risk of the coronavirus spread and to maintain our production,” he added. (Reporting by Nerijus Adomaitis, editing by Gwladys Fouche)

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