Exxon Mobil showcased a robust performance in the third quarter, driven by significant production gains from both its Guyana and Permian Basin operations, as reported on Friday.

For the quarter ending September 30, Exxon Mobil achieved earnings of $7.55 billion, translating to $1.76 per share. This compares to earnings of $8.61 billion, or $1.92 per share, during the same period last year.

Excluding one-time costs and benefits, Exxon’s earnings stood at $1.88 per share. This figure surpassed Wall Street’s expectations, which, according to a Zacks Investment Research survey, had anticipated $1.81 per share. It’s noteworthy that Exxon Mobil does not adjust its reported results for one-time events such as asset sales.

The company’s revenue for the quarter came in at $85.29 billion, slightly below the analyst forecast of $86.77 billion.

Exxon’s net production for the third quarter was 4.7 million oil-equivalent barrels per day, marking an increase of 1.1 million oil-equivalent barrels per day compared to the previous quarter.

Guyana production topped 700,000 barrels per day in the quarter. The Permian Basin set a production record of almost 1.7 million oil-equivalent barrels per day.

Oil prices spiked last week after the U.S. announced massive new sanctions on Russia’s oil industry in an attempt to get Russian President Vladimir Putin to the negotiating table and end Moscow’s brutal war on Ukraine.

Oil prices have been relatively low for the past few years and in mid-October the cost for a barrel of U.S. benchmark crude fell below $57, its lowest level since early 2021. The price for a barrel of U.S. benchmark crude did rise near $79 a barrel early this year, just before President Donald Trump took office, a price not necessarily considered outrageously elevated by most analysts.

The main reason oil and gas have stabilized at lower levels this year is because of actions by OPEC+. Earlier this month a group of countries that are part of the OPEC+ alliance of oil-exporting countries agreed to a small boost in oil production, citing a steady global economic outlook. The group said after a virtual meeting that it will raise oil production by 137,000 barrels per day in November. The group has been raising output slightly in a series of boosts all year, after announcing cuts in 2023 and 2024.

Russia is the leading non-OPEC member in the 22-country alliance. The group’s next meeting is scheduled for Sunday.