ExxonFriday’s profit for the third quarter was its largest in several years. This is due to an increase in demand, increased commodity prices and simplified operations.

Refinitiv surveyed 1.56 billion analysts and expected $1.58. The adjusted earnings of $1.58 per share were higher than the $1.56 analyst estimates. However, revenue was $73.79 Billion less than the $76.34 Billion Street had expected.

Exxon CEO Darren Woods stated that all three core business generated positive earnings in the third quarter. He said, “Strong operations and cost control as well as higher realizations and increased demand for fuels”

According to FactSet, the $1.58 in adjusted quarterly profits is the highest since 2014.

Exxon announced that it had $12.1 billion in cash from operations, including capital investments, deleveraging and dividends. This week, Exxon announced its first dividend hike in two years.

According to the oil company, it will begin a program to repurchase shares up to $10 million over the next 12-24 months.

Exxon and other energy companies have begun to recover from the crisis and demand disruption it caused. As a result, shareholders are calling for capital discipline. Exxon implemented cost-cutting strategies and expects that its 2021 capital plan will be close to the lower end of the $16 billion-$19 billion range it had previously indicated.

Exxon’s continued recovery after the pandemic is evident in Exxon’s third quarter results. The company made $1.10 per share during the second quarter on $67.74 million in revenue.

Exxon’s revenues jumped almost 60% from year to year. The third quarter of 2020Exxon experienced an adjustment of 18 cents per share, but generated $46.2 billion revenue.

Exxon invested $3.9B in exploration and capital productions during the quarter. The daily oil equivalent production was 3.7M barrels.

The shares of Exxon rose 1% in premarket trades on Friday. For the year the stock is up 56%, more or less matching the S&P energy sector’s 53% return.