OSLO, Feb 4 (Reuters) - Equinor (EQNR.OL) , opens new tab reported a decline in fourth-quarter profits on Wednesday from the same period last year as oil and gas prices fell, but still outperformed analysts' expectations for the period.

The Norwegian group's oil and output grew by 3.4% in 2025 to a record high 2.14 million barrels of oil equivalent per day, after a 6% year-on-year rise in production in the fourth quarter.

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The energy group's adjusted earnings before tax for October-December fell to $6.20 billion from $7.9 billion a year earlier, beating the $5.93 billion predicted in a in a poll , opens new tab of 25 analysts compiled by Equinor.

"In 2026, we expect around 3% production growth, up from record levels in 2025. We are taking firm actions to strengthen free cash flow, remain robust towards lower prices and maintain competitive capital distribution," CEO Anders Opedal said in a statement.

The company said it would cut its share buybacks in 2026 to $1.5 billion from $5 billion last year, while its quarterly cash dividend was raised to $0.39 per share from $0.37 previously.

Equinor expects its organic capital spending (capex) in 2026 to total $13 billion, in line with the $13.1 billion spent last year and compared with $12.9 billion expected by analysts.

In 2027 Equinor plans to slash its capex to $9 billion, primarily from reductions within its Power unit, which includes renewables, gas-fired power plants and batteries, as well as its in its Low Carbon Solutions (LCS), the company said.

https://www.reuters.com/business/energy/equinor-q4-profit-falls-less-than-expected-2026-02-04/