HOUSTON, Oct 21 (Reuters) - Exxon Mobil Corp (XOM.N) shares passed their all-time high on Friday as oil prices resumed their climb and analysts raised their long-term views of top U.S. oil producer's cash flow and earnings outlook.
Exxon is leading a parade of record profits among oil majors this year after doubling down on oil during the pandemic, when energy prices fell to a two-decade low and European oil majors slashed spending and moved further to renewable projects.
The stock hit $106.40 on Friday before closing at $105.86, above the prior record high close of $104.59 from June 8.
The rally comes as vindication for Chief Executive Darren Woods, who as oil prices fell in 2020 decided to "lean in" to oil investments. Exxon, he said then, would not engage in a "beauty match" with its peers pursuing solar and wind.
"Managing cash flow and focusing on what they are good at is a strategy that worked," said Brian Mulberry, a portfolio manager at researcher Zacks Investment Management.
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