The continued recovery in oil prices as economies reopen helped fuel another strong performance across the energy complex, including shares of Imperial Oil (IMO, Financial). Focused on the Canadian oil sands, Imperial—which is about 70% owned by Exxon Mobil—is well integrated across the energy value chain, and its operational advantages, combined with a resilient balance sheet and a well-aligned management team, has translated into a business offering durable cash flows and consistent value creation for shareholders over time.
From the First Eagle Investment (Trades, Portfolio) Overseas Fund's second-quarter 2021 commentary.
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