Whether it was petrol or natural gas, these companies should have used their incredible base (wealth, infrastructure, know how, etc.) to step into new adjacent fields like solar, wind, thermal, etc.
Companies who refuse to diversify or pivot, will fall behind in the long run, no matter how stubborn they want to be, look at how solar prices keep dropping because China placed a strong emphasis on it. Investors should be smarter and show companies that they have to keep up with the times, or they will no longer have our favour.
I'm not sure if ExxonMobil still insists on being a dinosaur, but I know from reports that they were incredibly stubborn about moving on and constantly propped up dud initiatives to keep up the charade of looking like they were stepping forward.
Oil and petroleum companies have my scorn for raising prices after COVID lockdowns to take "revenge" for "lost" profits.
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