The stock of Exxon Mobil (XOM, Financial) continued to struggle in the third quarter, and it lost roughly half its market cap year to date. Despite this, we believed Exxon Mobil was well-equipped to contend with lower prices and remained a compelling invest-ment. The company demonstrated high levels of operational flex-ibility during the difficult market environment and maintained an upward drift in earnings power. Its high-quality, long-dura-tion assets occupy attractive positions on the cost curve.
From First Eagle Investment (Trades, Portfolio)'s Global Value Team's third-quarter 2020 commentary.
