FEATURE: "Exxon Is Weaker Than You Think: The king of oil companies is sticking to an out-of-date game plan as its reserves shrink and its competitors look to the future," by Steve LeVine, BusinessWeek, 16 February 2009.
The three biggest hauls by a public company in the history of the world all went to Exxon--over the last three years.
And yet it's future is very un-bright, say analysts, because it's living the dream while reality is moving on for the oil industry in general. Exxon's oil reserves are dwindling and growth prospects look even worse in a future where national oil companies increasingly dominate production.
Plus, Exxon is highly reactive: pushing up exploration when prices are high and then abandoning when they drop--a very short-term profit-maximizing strategy.
But the killer is, while other majors are exploring alt fuels seriously, Exxon simply turns a blind eye to any such exit strategy from the age of oil.
In some ways, then, Exxon is sort of America's national oil company, displaying all the usual swagger and stupidity.
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