ExxonMobil’s second quarter earnings report contained more red flags than usual (See IEEFA update: Exxon’s Q2 report marks another signpost on the long road downwards). Its market capitalization is declining even as the bull market thunders on. It now appears all but certain that ExxonMobil will fall out of the elite group of companies in the top ten of the Standard and Poor’s 500, a spot it has held for at least four decades. In 1980, seven of the top ten companies in the S&P 500 were oil and gas companies. With ExxonMobil’s latest step down in Q2 2019, there are now none.
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