Recovering oil prices on improvements in demand for crude and other distillates helped fuel strong performance across the energy complex, including shares of Exxon Mobil (XOM, Financial). The company's financial results have improved markedly from the Covid-related demand shocks in 2020, helping ease concerns about the sustainability of Exxon's dividend, which is among the largest in the S&P 500 Index. In addition, Exxon has reiterated its commit-ment to reducing capital expenditures, which we believe should further bolster the resilience of its cash flows against future demand slowdowns.
From First Eagle Global Income Builder Fund's first-quarter 2021 commentary.
