Equinor cut its 2030 renewables target and reduced low-carbon investments, joining BP and Shell in refocusing on oil and gas.CEO Anders Opedal said the company is optimizing its portfolio and cutting renewable spending.
Despite backing offshore wind with the Orsted deal in December, Equinor now forecasts higher oil and gas growth while lowering its renewables target to 10-12 GW and reducing low-carbon investments to $5 billion by 2027.Major European energy company Shell recently reported earnings, revealing a nearly $1 billion write-off after exiting a U.S. offshore wind farm project.
This reflects a broader trend of energy companies scaling back their renewable energy ambitions. It’s not just traditional oil giants making these adjustments—Danish renewable energy firm Orsted also reduced its 2030 target for green power construction, while German utility RWE AG warned that its €55 billion ($57 billion) investment in green technologies by 2030 may face delays.Amid this shift, Equinor reported a strong fourth quarter, with earnings rising by 25%.
The company’s adjusted operating income after tax climbed to $2.29 billion, surpassing analyst expectations. This growth was largely driven by higher natural gas prices in Europe, where Norway became a key supplier as the region sought to replace Russian gas.
To reward shareholders, Equinor increased its quarterly ordinary dividend to 37 cents per share and launched a share buyback program of up to $5 billion for 2025.
