High Oil Prices Bode Well for ExxonMobil and Peers

West Texas Intermediate (WTI) crude oil has broken through the $80-per-barrel mark, fueled by ongoing tensions in the Middle East. The US Energy Information Administration's latest short-term energy outlook projects WTI to reach $80.88 per barrel this year, a significant increase from last year's price of $65.40.

ExxonMobil Holdings Corporation (XOM) is poised to benefit from these high oil prices, given its massive footprint in the Permian and offshore Guyana. The company has made several discoveries in Guyana and has been employing new drilling techniques and artificial intelligence to boost production volumes at lower cost structures.

ConocoPhillips (COP) and Chevron Corporation (CVX) are also expected to gain from the strong oil prices, as they have significant operations in the Permian, Eagle Ford, and Bakken. CVX has seen a growth in production volumes due to its presence in the Permian.

ExxonMobil's shares have gained 50.8% over the past year, outperforming the industry average of 43.8%. The company trades at a trailing 12-month enterprise value to EBITDA (EV/EBITDA) of 9.19X, above the broader industry average of 5.76X.