Exxon Mobil (XOM) and other oil majors have depleted their financial buffers built during the 2020-2021 energy boom, signaling they may struggle to maintain dividends and buybacks if oil prices decline further. Key risks include commodity price sensitivity, capital allocation pressures, and potential dividend cuts if crude falls below current support levels.

Author expects oil prices to surge in 2-3 weeks based on commentary from Exxon's Senior Vice President Neil Chapman, and is positioning with call options to profit from the anticipated rally. Key risks include commodity price volatility, geopolitical factors, and the speculative nature of options trading.