With oil prices plummeting during the quarter on concurrent supply and demand shocks, stocks across the energy complex suffered. While Exxon Mobil (NYSE:XOM) fell sharply alongside all other energy producers, we believe Exxon is better equipped than most of its competitors to withstand lower prices given significant, long-duration reserves and an attractive position on the oil-cost curve.
From First Eagle Investment (Trades, Portfolio)'s Global Income Builder Fund first-quarter 2020 shareholder commentary.
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2020-04-29 21:06:55Z
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