Exxon Mobil on Friday posted a $9.1 billion third-quarter profit, an about 54% drop from record earnings a year ago but up from the prior quarter as oil prices recovered.

Earnings at the largest U.S. oil producer have benefited from strong crude oil prices and demand for gasoline and diesel following the pandemic. Wall Street this month trimmed its third-quarter outlook after the company pointed to weaker chemical profits and refining margins.

Its buoyant results have led to two all-stock deals: for shale rival Pioneer Natural Resources and for carbon pipeline operator Denbury, both struck as shares traded near an all-time record.

Third quarter profit was $2.25 a share compared with $4.68 in the same quarter a year ago when oil and gas prices climbed following Russia’s invasion of Ukraine.

The latest quarter’s results benefited from global oil prices that averaged $85.92 per barrel in the quarter, from $77.73 in the second quarter, according to LSEG data.

Results were aided by higher oil and fuel prices, but damped by its chemical business, which was hurt by higher raw materials costs.

Its cash reserves continued to build, up by 10% over the second quarter’s to $33 billion.

“We feel really good about our cash balance,” said Chief Financial Officer Kathryn Mikells said in an interview. “It puts us in a good position to ultimately ensure we have the flexibility we need when eventually the commodity cycle turns against us.”