Exxon Mobil’sThe company announced Tuesday that revenue increased more than 80% over the previous year due to a recovery in oil prices. Exxon’s financial situation is improving and the company stated that it would begin buying back stock in the first quarter.

Refinitiv surveyors expected that the oil giant would earn $2.05 per shares during this period. This was well above the $1.93 analysts were anticipating. However, revenue was $84.97 billion less than analysts expected.

The same quarter last year, the company earned 3c per share exempting items for sales of $46.54billion. The company made $1.58 per share, adjusted for sales of $73.79 million during the third quarter 2021.

Exxon’s latest quarter saw $48 billion in cash flow generated by operating activities. This was its highest quarterly total since 2012. In addition to paying down $9 billion of debt in the latest quarter, Exxon reduced its debt burden by $20 billion during full-year 2021. Exxon now has a debt level that is back at pre-pandemic levels.

According to the company, it will start buying back stock in the first quarter 2022 as part of an earlier announced plan to repurchase $10 billion within the next 12-24 months.

The company declared Monday that it is restructuring into three business divisions and moving its headquarters from Irving to Houston. Starting April 1, the three main divisions of the company are: Upstream production solutions, low-carbon solutions and production solutions. According to the company, the simplified operations will increase efficiency and lower costs.

Exxon CEO Darren Woods released a statement on Tuesday stating that “our new streamlined structure is yet another example the actions we’re taking to further enhance our competitive advantage and grow shareholder value.” We’ve made tremendous progress in 2021, and our forward-looking plans place us in the lead in cash flow, earnings growth, operating efficiency, and energy transition.

Exxon shares rose to their highest point since Monday, 2019. They are now up 69% over last year.

Exxon is a beneficiary of the rise in oil prices. Crude has been trading at the highest levels in over seven years. On Friday, Brent international benchmark crude crude traded above $90 for first time since October 2014.

Exxon reported that the company spent $16.6 billion in 2021 for its full-year, which is consistent with their guidance. Exxon expects that it will spend $21 billion to $24 billion in 2022.

Premarket trading on Tuesday saw Exxon shares rise by 2%