ExxonMobil Rides High Oil Prices Amid Permian Growth

Oil prices have been steady above $90 per barrel, according to Oilprice.com data. Despite recently declining from its high mark of over $100 per barrel, this pricing environment remains favorable for ExxonMobil Holdings Corporation's (XOM) exploration and production activities.

XOM has a significant presence in the Permian Basin, the most prolific oil and gas play in the United States, and offshore Guyana. The company is employing new drilling techniques and artificial intelligence to boost and optimize production volumes at lower cost structures in the Permian.

ExxonMobil's breakeven costs are low in both resources, with robust production from these assets aiding its top and bottom lines. Chevron Corporation (CVX) and ConocoPhillips (COP) will also benefit from the ongoing strength in oil prices, as they too have a significant presence in the Permian.

COP generates a substantial portion of its revenues from crude oil, making the current high price extremely favorable for the company. CVX is well-positioned to gain from prevailing high oil prices due to its growth in production volumes, thanks to its footprint in the Permian.