Equinor will boost production to 2.3 mboe/d by 2030 with a $1 billion oil and gas investment in 2027 and $11–13 billion annual spend through 2030 (60% NCS, 30% international, 10% power). It will double its 2026 share buyback to $3 billion, target 30% post-tax cash flow growth and annual ROACE above 15%.
Equinor plans to raise output from current levels to 2.3 mboe/d by 2030, backed by a $1 billion oil and gas injection in 2027 and annual capital expenditure of $11–13 billion from 2028–2030. Of this spend, roughly 60% will go to the Norwegian Continental Shelf, 30% to international oil and gas ventures and 10% to power-related projects, while continuing tie-back developments, enhanced recovery and exploration.
The company will double its 2026 share repurchase programme to $3 billion and introduce a predictable annual buyback framework from 2027. Approximately $1 billion of incremental 2027 investment will target high-return projects, reflecting a shift toward disciplined capital allocation and shareholder returns.
Equinor forecasts a 30% increase in after-tax operational cash flow between 2025 and 2030 and more than $40 billion in free cash flow from 2026–2030 after capex and leases. It aims for an annual return on average capital employed above 15% and over 5% dividend growth, while power output is expected to exceed 20 TWh by 2030.
