Norway's Equinor has turned a US upstream portfolio in decline into a cornerstone of its recently established power business, leveraging its expanded gas-weighted position in the Appalachian Basin following deals with EQT, its renewables assets developed by subsidiary East Point Energy and its trading capabilities. Combined with the proposed Bay du Nord oil project offshore Canada, Equinor’s US activities give its North American footprint growing strategic importance as a driver of cash flow beyond 2030. However, BP’s recent exit from the deepwater development could complicate those plans.