ExxonMobil (NYSE: XOM) is the best company in the oil business. That was abundantly clear from its 2023 financial results. The energy behemoth delivered industry-leading financial results across most of the sector's most important metrics.

The leading oil stock is in an excellent position to continue its dominance in 2024 and beyond. Here's a look at what's fueling ExxonMobil's strong performance.

ExxonMobil recently reported its fourth-quarter and full-year financial results for 2023. They were superb. The oil giant recorded an oil-industry-leading $36 billion in earnings during 2023. It also generated a whopping $55 billion in cash flow from operations. The company has now grown its earnings at an astounding 40% compound annual rate from its pre-pandemic level in 2019 while growing its cash flow from operations at a more than 15% compound annual rate. Those growth rates led its peer group, which is impressive considering that Exxon is the biggest of its rivals.

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Source Fool.com