Exxon Shares Surge to Record High on Strong Earnings Outlook

Exxon Shares Surge to Record High on Strong Earnings Outlook
Cars are seen at an Exxon gas station in Brooklyn, New York City on Nov. 23, 2021. Andrew Kelly/Reuters
Reuters
Updated:

HOUSTON—Exxon Mobil Corp. shares passed their all-time high on Friday as oil prices resumed their climb and analysts raised their long-term views of top U.S. oil producer’s cash flow and earnings outlook.

Exxon is leading a parade of record profits among oil majors this year after doubling down on oil during the pandemic, when energy prices fell to a two-decade low and European oil majors slashed spending and moved further to renewable projects.