Is ExxonMobil Taking a Haircut? Actually, It’s More Like a Good “Shearing”
It seems like progressives are right, at least in part, when they claim agency in the economic collapse of companies like ExxonMobil, whose market cap has plummeted to the tune of $184 billion (40%) over the last six years. Divestment has raised their cost of capital. Awareness campaigns have brought the world to understand the moral depravity that justified their hiding the effects of climate change that would devastate the planet. Concerned governments are banning the sale of gasoline-powered cars and light trucks. Citizens are buying hybrids or switching to alternate-fuel vehicles.
What lies in store is anybody’s guess, but there doesn’t appear to be a mechanism by which any of these trends could possibly reverse themselves.
Craig,
Do you really believe these weird theories?
Exxon, like all oil companies can sell all the oil they can produce.
The reason oil companies are suffering a reversal in stack prices is because of their own success in increasing supply, lowering prices thereby reducing profits.
“Divestiture” has had absolutely no effect as the the share market buyer eagerly take advantage of oil stock coming on the market.
A glut in production has been caused by the long growth in US supply of Nat. Gas and Oil. This period exactly corresponds with stagnating of oil profits.
While I rejoice at any progress in Electrification of raod transport, I’m aware of the harm created by false expectations, and extravagant claims.
Inventing false expectations and fantasies because the mad political/legal ideological crusade against Exxon failed miserably, doesn’t change anything except make advocates look even more pathetic.