OSLO (Reuters) -Equinor ( EQNR ) on Wednesday posted slightly higher-than-expected profits for the final quarter of 2024, while raising its oil and gas output forecast and scaling back plans for renewable energy capacity expansion.

The Norwegian oil and gas producer's adjusted earnings before tax for October-December fell to $7.90 billion from $8.56 billion a year earlier, beating the $7.71 billion predicted in a poll of 24 analysts compiled by Equinor ( EQNR ).

"In 2030 expected (oil and gas) production is around 2.2 million barrels of oil equivalent per day, up from a previous expectation of around 2 million," Equinor ( EQNR ) said in a statement.

The company reduced its renewable energy target for 2030 to a capacity of between 10-12 gigawatt from 12-16 gigawatt previously, it said.

Equinor ( EQNR ) said it was "lowering (the) investment outlook for renewables and low-carbon solutions to adapt to market conditions and further strengthen value creation for shareholders".

The company in 2022 overtook Russia's Gazprom as Europe's biggest supplier of natural gas when Moscow's invasion of Ukraine upended decades-long energy ties. Norway now meets around one third of the continent's demand.