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.

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 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.