True, rebalancing can be part of the plan. But gross margins are 'low' (~7% for BP ~20% for XOM) in spite of the diversification, so there's not a lot of fuel to reinvest. And gasoline sales are about 50% of XOM business, for example [0], which is a lot to make up.
The gas station/fuel part of the business is on a long-term trend down (toast). Finding places to make up for the 50% lost sales will be tricky.
The gas station/fuel part of the business is on a long-term trend down (toast). Finding places to make up for the 50% lost sales will be tricky.
[0] https://corporate.exxonmobil.com/-/media/global/files/annual... SEE PAGE 108