Making Too Many Mistakes

Exxon loses an important perch:

For decades, ExxonMobil was an unstoppable machine. It made gobs of money, spent that cash wisely and rewarded shareholders lavishly.

As recently as 2013, Exxon (XOM) was the the most valuable company on the planet. Its market value topped out at $446 billion in mid-2014, the last time crude prices traded above $100 a barrel.

...A series of strategic decisions backfired badly, from betting on natural gas at the top of the market to being late to America's shale boom.

Exxon is now losing money for the first time in decades. Its long track record of raising the dividend is in doubt. Exxon is the poster child for the fossil fuels industry at a time of deep concern about the climate crisis. And the company's market value has crumbled by a staggering $267 billion from the peak.

The latest humiliation for Exxon: It's being kicked out of the Dow Jones Industrial Average, the exclusive index it's been a part of for 92 years.