Equinor ASA raised $5 billion through debt offerings on April 1 as part of the Norwegian oil company’s plan to weather the current oil market downturn.
“Equinor is in a strong position to handle market volatility and uncertainty,” CFO Lars Christian Bacher said in a statement on April 1.
Since the collapse in oil prices last month, Equinor has announced plans to cut costs and investments by around $3 billion, which included postponing U.S. onshore drilling. The company also suspended its $5 billion share buyback program.
“In combination with our $3 billion action plan to reduce cost, this transaction will further strengthen our financial resilience and flexibility going forward, and ensure liquidity to prioritized projects,” Bacher added in his statement.
The debt transactions consisted of five separate tranches of notes with maturities ranging between five and 30 years. Proceeds will be used for general corporate purposes, including the possible repayment of existing debt, according to the company release.
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