If you are looking at energy stocks like ExxonMobil (NYSE: XOM) today, there are two things you need to keep in mind. From a big-picture perspective, the energy industry is highly cyclical. From a company-specific perspective, financial strength is what allows companies to pay reliable dividends.

With energy prices high today, both of these factors are as important as they ever have been. And ExxonMobil is a star on both fronts.

It was an unusual situation, but in 2020 U.S. oil drillers were briefly faced with negative prices for the commodity they sell. Essentially, they were paying customers to take their product. That's how bad things got when economies around the world were effectively shut down in an effort to slow the spread of the coronavirus pandemic, leading to a sharp decline in energy demand. Now, just a few years later, West Texas Intermediate crude is fetching $77 a barrel.

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Source Fool.com