Bloomberg News

Exxon Mobil Corp. (XOM) shares were rising sharply Friday after the company reported a strong earnings beat, though revenue missed analysts' estimates. 

The company reported earnings $1.41 a share, well ahead of Wall Street's consensus estimate of $1.08. Revenue of $71.89 billion came in below expectations of $72.4 billion.

Exxon shares were up 3.6% to close Friday at $75.92.

"Strong results during a period of commodity price volatility demonstrate Exxon Mobil's ability to deliver superior cash flow in different market environments," said Darren W. Woods, chairman and chief executive officer. "Our continued focus on long-term fundamentals and portfolio improvements position us well to grow shareholder value. Exxon Mobil's 2018 results further demonstrate our advantages in technology, scale and integration, providing a strong foundation to successfully compete across commodity price cycles."

Crude oil production helped boost the company's bottom line as the company reported a 4% uptick in production in liquids that was driven by the company's activity in the Permian Basin in Western Texas and Southeastern New Mexico. 

Looking ahead, the company should benefit from rising oil prices that jumped 18% in January, the biggest single month jump in prices in history, according to CNBC.

Nearly one-third of the U.S. crude currently comes from the Permian, making it the largest shale-oil producing region in the country. 

The company believes it can be profitable with oil in the $35 to $40 range, Woods told CNBC on Friday. West Texas crude was trading above $53 per barrel Friday. 

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