Exxon Mobil Corp. posted better-than-expected results after robust oil production from the Permian Basin and Guyana cushioned the impact of lower crude prices.

Exxon Mobil beat Wall Street estimates for second-quarter profit on Friday as higher oil and gas output and low production costs offset the impact of lower crude prices. The biggest U.S. oil producer made clear that it is ready to take advantage of lower oil prices and make acquisitions,

The company maintained strong cash flow, generating $11.5 billion from operations and $5.4 billion in free cash flow. Shareholder distributions totaled $9.2 billion for the quarter, including $4.3 billion in dividends and $5 billion in share repurchases, keeping pace with its $20 billion annual buyback target.