With oil prices plummeting during the quarter on concurrent supply and demand shocks, stocks across the energy complex suffered. While Exxon Mobil (XOM, Financial) 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.
