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.

"In 2030 expected (oil and gas) production is around 2.2 million barrels of oil equivalent per day, up from a previous expectation of around 2 million," Equinor said in a statement. The company reduced its renewable energy target for 2030 to a capacity of between 10-12 gigawatt from 12-16 gigawatt previously, it said.

Equinor on Wednesday posted slightly higher-than-expected profits for the final quarter of 2024. The Norwegian oil and gas producer's adjusted earnings before tax for October-December fell to $7.90 billion from $8.