Norwegian energy company Equinor reported a significant increase in its quarterly profit for the third quarter, marking its strongest earnings in nearly four years. The firm’s adjusted earnings before tax for July through September reached $12.4 billion, doubling from $6.2 billion in the same period last year and slightly surpassing analyst expectations of $12.19 billion.

The surge in profit was largely attributed to elevated oil and gas prices combined with high production levels during the quarter. Anders Opedal, Equinor’s chief executive, highlighted that robust output allowed the company to capitalize on the higher market prices.

In light of the results, Equinor raised its full-year production growth forecast to approximately 4 percent, an increase from the previously projected 3 percent. The revised target reflects the company’s confidence in its operational capacity amid a favorable pricing environment.

Equinor’s performance underscores the continued impact of global energy market dynamics on major oil and gas producers, as price fluctuations and production strategies remain key factors driving profitability.