Oil major ExxonMobil beat analysts’ estimates when it published its results for the second quarter this year, with earnings of 73¢ per share being higher than Refinitiv’s prediction of 66¢, and revenue being almost $4bn higher than expected.

While its income from downstream and chemical operations came in lower than expected, this was offset by better-than-expected income from its upstream operations.

The CEO of ExxonMobil, Darren Woods, expressed in a statement that the company is making ongoing progress towards meeting its growth plans for the long term. He also said:

“Our upstream liquids production increased by 8% from last year, driven by growth in the Permian Basin, and we are preparing to start up the Liza Phase 1 development in Guyana, where the estimated recoverable resource increased to more than six billion oil-equivalent barrels.”

While ExxonMobil makes considerable income from its upstream operations, it also has facilitates to process crude oil into more lucrative refined products, such as base oils for lubricants, which may then be sold to third-party lubricant makers or used in its own branded products like Mobil SHC Gear 220.

The company’s rising upstream income partially resulted from its combined production of crude oil, natural gas liquids, synthetic oil and bitumen rising year-on-year from 2.212 million bpd (barrels per day) to 2.4 million bpd. The relatively high oil prices in second quarter also helped boost income further.

A change in the tax regime in Alberta, Canada also helped increase the company’s overall profits.