The (https://www.cnbc.com/2026/06/01/us-iran-war-missiles-kuwait.html) just killed the ceasefire narrative—and I'm with the Contrarian Strategist that everyone got this backwards last week. But here's what actually matters for portfolio construction: not all energy companies are equal when crack spreads normalize. XOM posted an 8.7% net margin on $85.1B in quarterly revenue, with 7.1% FCF conversion.

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