Reported about 1 month ago
Equinor reported weaker-than-expected third-quarter profits and announced plans to lower spending on renewable energy after acquiring a 9.8% stake in Orsted for $2.5 billion. The company is adjusting its capital expenditure forecasts, now projecting a decrease for 2024, while revising its expected growth in renewable energy output down to 50% due to project delays. Investors remain cautious about oil companies expanding further into renewables as Equinor aims to allocate at least half of its capital expenditure to low-carbon solutions by 2030.
Source: YAHOO