On Feb. 2, ExxonMobil (NYSE: XOM) reported its second-highest year of earnings over the last decade. And there could be even more growth to come in the years ahead.

Exxon's record earnings in 2022 were a bit of an outlier. Oil prices surged in response to Russia's invasion of Ukraine, geopolitical tensions, and strong demand. 2023, which featured lower oil and gas prices, could be a glimpse of what's to come for Exxon.

Exxon is laying the groundwork for sustained earnings growth. A lot of it has to do with cost reductions and portfolio improvements. But Exxon is also putting capital to work and boosting production from high-quality assets.

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Source Fool.com