Higher oil prices are reaping bigger profits for ExxonMobil, which reported Friday that profits jumped by 57% last quarter.
The company is increasing production in the Permian Basin of Texas, the center of the shale boom, and benefiting from the recent rise in oil prices. Exxon is now producing 555,000 barrels of oil in the United States each day.
Exxon reported a $2.6 billion boost over 2017 due to the increase in oil prices. Exxon’s cash flow also showed marked improvement reaching a four-year high of $11.1 billion.