On Friday, Exxon Mobil Corp (NYSE:XOM) beat expectations as rising energy prices fueled a record-breaking Q3 profit, nearly matching that of tech giant Apple (NASDAQ:AAPL).

Its USD 19.66 billion Q3 net profit far exceeded recently raised Wall Street forecasts as soaring natural gas and oil prices put its earnings within reach of Apple’s USD 20.7 billion net for the same period.

As recently as 2013, Texas-based Exxon ranked as the largest publicly traded US company by market value. The position is now held by Apple. Exxon shares leapt 2 per cent in premarket trading to USD 109.80, a new record high.

Oil company profits have skyrocketed this year as growing demand and an undersupplied energy market collided with Western sanctions against Russia over its invasion of Ukraine. US exports of gas and oil to Europe have bounced and promise to set all-time profit records for the industry.

The top US oil producer reported a per-share profit of USD 4.68, exceeding Wall Street’s USD 3.89 consensus view, on a massive jump in natural gas earnings, continued high oil prices and strong fuel sales.