Equinor unveiled a strategy aiming 2.3 million barrels of oil equivalent per day by 2030, anchored on the Norwegian continental shelf. The firm will double its 2026 share buyback to $3 billion, signaling confidence in fossil‑fuel growth. Investors view the move as a push to boost returns while expanding upstream exposure. The plan follows higher capex and expectations Europe remains a net oil importer for the decade.

The plan projects annual buybacks between $2 billion and $4 billion from 2027, contingent on oil prices, macro conditions and balance‑sheet strength. Equinor also targets more than 5% yearly growth in its quarterly cash dividend per share. By channeling capital into new oil and gas projects, the firm hopes to offset volatile markets and sustain earnings. The dividend target keeps Equinor competitive with European peers.

Analysts note the aggressive buyback and production target signal a shift from earlier decarbonisation pledges toward higher fossil‑fuel yields. If price assumptions hold, the strategy could lift earnings per share and support a stronger dividend, making Equinor more attractive to yield‑focused investors. The approach hinges on sustained high oil prices.