You could say that about any incumbent industry player faced with a disruptive challenger, it’s surprising to see this sentiment on Hacker News of all places.

You could say that about any incumbent industry player faced with a disruptive challenger, it’s surprising to see this sentiment on Hacker News of all places. My comment was about the investments, not the companies. Some oil companies have significant investments in electricity grids, electric vehicle charging, renewable generation etc, and some do not. Even if they do, it’s not obvious they are best placed to be competitive in those industries or sustain the same profits, although hopefully they can do well. BP made a big investment in solar which it gave up on, now they are investing in charging infrastructure, hopefully that will turn out better.