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 flexibility during the difficult market environment and main-tained an upward drift in earnings power. Its high-quality, long-duration assets occupy attractive positions on the cost curve.
From First Eagle Investment (Trades, Portfolio)'s Global Income Builder Fund third-quarter 2020 commentary.
