The company slashed spending after fuel demand cratered two years ago and, since then, earnings have topped pre-pandemic levels.
Exxon reported a profit of $2.08 per share, above analysts' forecast of $1.94 as the bottom line benefited from soaring oil and gas prices, higher volumes and asset sales.Exxon shares yesterday closed at their highest leel since July 2019 as oil prices topped $91 per barrel on worries over supplies and geopolitical tensions.
Even with a substantial spending increase into the end of the year to $17 billion, Exxon managed to use the extra proceeds from oil prices to reduce debt, said Biraj Borkhataria, Co-Head European Energy Research at RBC Capital Markets.
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