ExxonMobil Surges on High Oil Prices Amid Permian Growth

Oil prices above $90 per barrel are creating favorable conditions for ExxonMobil Holdings Corporation (XOM) to fuel its growth through exploration and production activities.

The company has a significant presence in the Permian, the most prolific oil and gas play in the United States, where it employs new drilling techniques and artificial intelligence to optimize production volumes at lower cost structures.

XOM's low breakeven costs in both resources are also aiding its top and bottom lines. ConocoPhillips (COP) and Chevron Corporation (CVX) will benefit from the ongoing strength in oil prices as well, with COP generating a significant proportion of revenues from crude oil.