This week's chatter to cap oil output by producers has eased investor's concerns, but the question remains: is the worst over for oil?
"The worst is behind us; I don't think it's completely over yet," Kevin Norris, president of Univest Wealth Management, told CNBC's "Power Lunch" on Friday.
Oil prices remain under pressure due to oversupply, and a possible freeze in oil output at record levels will only exacerbate the current glut, he said. Norris, who calls for production cuts from OPEC, sees opportunity in the multinational oil and gas company Exxon Mobil.
"We like Exxon from the flight-to-quality perspective," he said. "It's a solid integrated oil producer, [has] a solid balance sheet ... and it could be the beneficiary of a shakeout in the energy sector."
Norris' comments come as energy company defaults are rising in the face of low oil prices. Meanwhile, oil companies have been forced to lay off employees. BP last month said it was cutting thousands of jobs.
Norris, who manages $3 billion in assets, suggests that while many other companies may not hold up, "a quality company" such as Exxon is set to succeed. The company's stock is up nearly 6 percent year to date.