Benzinga | Aug 27, 2021 12:55PM EDT

Why Exxon Mobil Shares Are Rising

Shares of several energy and oil companies, including Exxon Mobil Corporation (NYSE:XOM), are trading higher ahead of tropical storms in the Gulf of Mexico, which have disrupted supply.

According to The Weather Channel: Tropical Storm Ida is strengthening in the Caribbean Sea and is forecast to hammer the northern U.S. Gulf Coast as a major hurricane this weekend with life-threatening storm surge, dangerous rainfall flooding, potentially devastating winds and tornadoes.

Exxon Mobil is an integrated oil and gas company that explores for, produces and refines oil around the world. In 2020, Exxon Mobil produced 2.3 million barrels of liquids and 8.5 billion cubic feet of natural gas per day.

Exxon Mobil is trading higher by 2.5% at $56.05. Exxon Mobil has a 52-week high of $64.92 and a 52-week low of $31.11.