The strategy needs to focus on the energy revolution and lead the development of new photovoltaics, battery storage and transition away from gasoline. Refining will still be needed to produce chemicals and plastics, but the scale of what will be needed will dwindle as gas powered vehicles get replaced with electric ones. Probably have 5-10 years to transition before the public perception completely shifts away from gas. It may take longer to replace everyone’s vehicles with electric, but once everyone can “see” that the electric revolution is happening, investors will pull out and sell their stocks which will crash PSX. At this point, it won’t matter that the majority of cars driving are still gas powered because stocks trade on futures. Electric cars only have to disrupt a portion of the auto marketshare (maybe 20%) before oil futures will be disrupted. I think we have only 5 years to shift into this market to give investors enough confidence that we can do both oil and electric/battery technology to weather through the transition.
Well said, @jlaf+17GbFj2r.