Adjusted operating profit 8.68 bln vs forecast 8.46 bln
Shareholder payments in 2024 14 bln vs 17 bln in 2023
Oil and gas output grew 2.1 in 2023 vs Oct forecast 1.5
Shares fall 4.2

LONDON, Feb 7 Reuters Equinor said on Wednesday it would cut its overall cash returns to shareholders this year by 3 billion, sending its shares down 4 even as it posted a slightly smallerthanexpected drop in operating profit for the final quarter of 2023.

The Norwegian oil and gas producer39;s adjusted earnings before tax for OctoberDecember fell to 8.68 billion from 17.0 billion a year earlier amid lower energy prices, but beat the 8.46 billion seen in a poll of 26 analysts compiled by Equinor.

We expect to grow our cash flow and sustain competitive returns, CEO Anders Opedal said in a statement.

Rivals including BP, Exxon Mobil, Chevron and Shell also beat fourthquarter profit forecasts, supported by a mix of strong trading results and higher oil and gas production, but some of them announced plans to increase dividends and share buybacks.

Equinor said its combined dividend payments and share buybacks in the 2024 calendar year were expected to amount to 14 billion, down from 17 billion last year, reflecting a normalisation of gas prices during 2023.

The company maintained a projection for capital expenditure in 2024 of 13 billion but said it would spend some 14 billion to 15 billion per year in 20252027, up from a previous guidance of 13 billion for 20242026.

Equinor39;s shares…