Equinor’s Q4 results were broadly neutral, but the updated 2026–27 guidance and a clearer strategic pivot back toward oil and gas substantially improve the medium-term free cash flow outlook. While the aggregate level of dividends and buybacks for 2026 came in somewhat softer than expected, the sharp slowdown in renewable spending from 2027 onwards provides a solid foundation for strong FCF growth in 2027–28. In our view, this sets the stage for a potential repricing as investor focus moves beyo ....
