Equinor reported a smaller than expected fall in fourth-quarter profit on Wednesday and joined many rivals in promising higher oil and gas output while scaling back renewables, but its shares fell amid some disappointment over shareholder payouts.

Equinor shares slide despite reporting a smaller than expected drop in Q4 adjusted earnings, as investors were disappointed over smaller than forecast shareholder payout.

Equinor on Wednesday raised its 2030 oil and gas output forecast and scaled back plans for renewable energy capacity expansion, while reporting a smaller-than-expected decline in profit for the final quarter of 2024.