First Eagle Investment Management sold its entire stake in Exxon Mobil during the second quarter of 2026, a move disclosed in a mandatory quarterly filing with the SEC. The filing, which reflects holdings as of June 30, 2026, revealed the liquidation of 6.24 million shares, valued at approximately $1.06 billion. This transaction completely removes the energy giant from First Eagle's reported portfolio, where it previously held a 1.79% weight.
The sale occurred during a quarter where Exxon Mobil reported strong earnings, with record refining margins offsetting disruptions from conflict in the Middle East. In its own Q2 commentary, First Eagle noted that the energy sector was a detractor from its fund performance, and that Exxon Mobil's shares had traded down alongside easing crude oil prices. Despite the exit, the firm's commentary also stated it continued to view Exxon as a "high-quality operator."