Investors are focused on a potential dividend cut, but that's fixable.
Macro conditions, analysts' outlooks, and Exxon's valuation have reached maximum pessimism, which may set the stock up for good long-term returns.
The company produces higher returns on invested capital relative to integrated majors; it also carries "AA" credit ratings.
Management has heavily invested and not sold assets during this downcycle, which may make the stock a winner during an upcycle.
The oil & gas industry has been absolutely pummeled for about seven consecutive years now. Oil prices collapsed from over $100/bbl for both WTI and Brent in 2014 to under $20/bbl in 2020 due a