The firm is increasing its buyback plan by $1bn, having previously said it would remove $5bn of shares from the market this year to increase value for shareholders.
It comes as Equinor today unveils first-half adjusted earnings of $35.5 billion, an increase of more than 300% on H1 2021 at $8.7bn.
The oil firm said the buyback increase is based on the strength of its balance sheet and outlook for commodity prices.
As part of scheme it has launched a third tranche worth $1.8bn, to begin tomorrow and completing no later than October 26, including shares to be redeemed from the Norwegian State.
It follows a second round of $1.33bn in May and a first round of $1bn in February.
Equinor is 67% owned by the government of Norway, but has shares listed in Oslo and New York.
Other major shareholders include investment managers Folketrygdfondet and BlackRock.
Revenues for the half-year totalled $72.8bn, more than double the same period last year at $35bn, largely driven by higher realised oil and gas prices.
Before tax, Equinor racked up profits just shy of $37 billion, up 290% on H1 2021’s $9.4bn.
CEO Anders Opedal recognised that Equinor is benefitting from high oil and gas prices, driven by Russia’s invasion of Ukraine.
Equinor has previously said it would halt all investments in Russia, which was completed in the second quarter.
Mr Opedal said: “Russia’s invasion of Ukraine impacted already tight energy markets and has created an energy crisis with high prices affecting people and all sectors of society. Equinor puts its best effort into securing safe and reliable deliveries of energy to Europe, whilst continuing to invest in the energy transition.”
“Equinor continues to provide high gas production from the NCS, including volumes from Hammerfest LNG, now safely back in production. Solid operational performance and high production combined with high prices resulted in strong financial results with adjusted earnings of more than 17 billion dollars before tax.”
“We have taken important steps within our low carbon portfolio to help our customers decarbonise. Investments in the UK power company Triton Power and the battery storage developer East Point Energy in the US will expand our energy offerings and be important building blocks in new value chains.”