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I think the industry is probably weathering a transition. This is why you see Shell and Chevron touting the potential of alternative energies.
It would be wise for oil companies--if they believe in peak oil, etc.--to reframe themselves as "energy" companies.
I don't see them going bankrupt; I see the divesting and reinvesting.
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Knowing that death is certain and that the time of death is uncertain, what's the most important thing?
—Bhikkhuni Pema Chödrön
Humankind cannot bear very much reality.
—From "Burnt Norton," Four Quartets (1936), T. S. Eliot
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