WIll the Oil Industry remain as a free cash generator

Two major American oil companies, Exxon and Chevron, have published their net profits in the second quarter, and both of which are negative. Exxon spent 2 billion more than its income, while Chevron spent a billion more. There is no guarantee that there extra spendings will turn themselves into profits in the future, as the global oil supply is dwindling and the costs for reserve discovery and extraction are skyrocketing. This would mean so much more than a crisis for the oil industry, for it's so so fundamental that even a slight change in oil price would greatly affect the market. In the era where green technologies are hitting a ceiling in R&D and traditional energy sources are becoming scarce. A lot of the factors in the most complex economic model we call the real market are changing drastically and unpredictably. The world is crowded and the resources are scarce. The equilibrium has shifted and the people will be the one to face the consequences.