(Bloomberg) -- Exxon Mobil Corp. and Chevron Corp. beat analysts’ profit, output and sales estimates as rising oil production from the Permian Basin helped offset weaker crude prices.

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Exxon’s third-quarter adjusted earnings exceeded expectations by a nickel on Friday, while Chevron surpassed estimates by 11 cents. The shares rose 1.5% and 4%, respectively.

The strong results underpinned the companies’ commitments to continue rewarding investors with hefty buybacks and payouts — in contrast to European rival BP Plc, which earlier this week warned fluctuating oil prices may imperil some share repurchases. Shell Plc and TotalEnergies SE haven’t wavered on buyback pledges, although the French oil titan noted its pace of purchasing depends on “reasonable market conditions.”

Despite the 20% decline in oil prices since early April, Exxon had ample cash flow to cover third-quarter payouts, while Chevron’s fell short, forcing the supermajor to rely on borrowing.

Exxon is the best-performing oil major this year, rising more than 15% even as international crude prices declined. North America’s largest energy explorer demonstrated it has more oil and natural gas production growth — and at lower cost — than peers.

Exxon increased dividends for the 42nd consecutive year to 99 cents a share, higher than the 97-cent Bloomberg Dividend Projection.

Exxon was able to “fully fund” dividend payouts and share repurchases with cash flow without resorting to debt, Chief Financial Officer Kathy Mikells said during an interview.

The company also has a $27 billion cash pile and a net-debt-to-capital ratio of just 5%, leaving it in a “strong position” ahead of any oil-market downturn, she said.

“We have done a lot of work to fundamentally improve the underlying earnings power of the business and that’s going to put us in really good stead,” Mikells said.

Exxon’s fast-growing oil developments in Guyana and the Permian Basin are producing crude for less than $35 a barrel at a time when a barrel fetches more than $70, and Exxon is working on several gas-export projects in Texas, Papua New Guinea and Mozambique. It’s now the biggest producer in the Permian region after its $60 billion acquisition of Pioneer Natural Resources Co. earlier this year.

As for Chevron, the explorer expects to close asset sales in Canada, Congo and Alaska by the end of the year as part of a plan to raise as much as $15 billion from divestments by 2028.