Equinor cuts renewable energy targets, shifts focus to oil and gas, aiming for higher profits.

Norwegian energy giant Equinor has reduced its renewable energy targets for 2030 from 12 to 16 gigawatts to between 10 and 12 gigawatts due to lower profits. The company is focusing more on oil and gas production, planning to increase output by over 10% by 2027. Equinor also aims to enhance dividends and share buybacks, aligning with other major oil firms. Despite the shift, Equinor reported strong operational performance and stable production in 2024.

2 months ago
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