Imperial Oil (IMO, Financial) (about 70% owned by Exxon Mobil) is a high-quality integrated energy company that fell alongside other oil producers in the quarter. Focused on the Canadian oil sands, the third-largest proven oil reserve in the world, Imperial has a long reserve life even without new discoveries. Imperial is well inte-grated across the energy value chain, and its operational advan-tages, combined with what we believe to be a resilient balance sheet and a well-aligned management team have translated into a business that has offered durable cash flows and solid value creation for shareholders over time.
From First Eagle Investment (Trades, Portfolio)'s Global Value Team's third-quarter 2020 commentary.
