Equinor This autumn revenue beats forecast, raises 2030 oil output goal

OSLO (Reuters) -Equinor on Wednesday posted barely higher-than-expected income for the ultimate quarter of 2024, whereas elevating its oil and gasoline output forecast and scaling again plans for renewable power capability growth.

The Norwegian oil and gasoline producer’s adjusted earnings earlier than tax for October-December fell to $7.90 billion from $8.56 billion a 12 months earlier, beating the $7.71 billion predicted in a ballot of 24 analysts compiled by Equinor.

“In 2030 anticipated (oil and gasoline) manufacturing is round 2.2 million barrels of oil equal per day, up from a earlier expectation of round 2 million,” Equinor stated in a press release.

The corporate decreased its renewable power goal for 2030 to a capability of between 10-12 gigawatt from 12-16 gigawatt beforehand, it stated.

Equinor stated it was “decreasing (the) funding outlook for renewables and low-carbon options to adapt to market circumstances and additional strengthen worth creation for shareholders”.

The corporate in 2022 overtook Russia’s Gazprom as Europe’s greatest provider of pure gasoline when Moscow’s invasion of Ukraine upended decades-long power ties. Norway now meets round one third of the continent’s demand.

(Reporting by Nerijus Adomaitis and Nora Buli, modifying by Terje Solsvik and Gwladys Fouche)