There is a compelling argument that oil equities are value traps and will remain so until there is a massive revaluation of oil assets.  This has nothing to do with electric vehicles and everything to do with 1) global growth, which has no sign of returning to levels that justify the value at which oil assets are currently booked;  2) technology, such as long-pipe horizontal, multi stage, multi-frac shale drilling, which, albeit it expensive, provides new responsive supply, and 3) oil-as-monetary/QE policy, where the Saudis, Russia, and other petro-states treat their oil reservoirs like central banks and pump more oil as the price drops in order to meet their domestic spending obligations, making oil prices go even lower.  
As DJT would tweet... Bad!   Or maybe even... Sad!