Maybe you are right today, for now, but this weakness is to be taken advantage of at some point. I think that xom is still generating reasonable earnings, and still big earnings, and what they could/might do is cut the exploration budget and simply buy barrels in the ground from weaker/smaller firms. This weakness could be the advantage of the decade for xom. certainly it will signal the bottom when xom makes a major acquisition, and it should come when the price of oil makes buying existing oil companies cheaper than exploration. 2-5 years from now xom might be the strongest big oil company by far. Very interesting to watch what they will do.