Things haven’t been this bad for the world’s biggest oil stock since Ronald Reagan became president. But brace yourself, 2019 may not be much better.  Exxon Mobil Corp., down about 20 percent for the year, is headed for its worst annual performance since 1981, when the U.S was in recession and a 20-year crude glut was just beginning. The decline comes as Exxon pursues one of the largest restructurings in its modern history, a seven-year, $200 billion push for oil in South America and natural gas in Mozambique and Papua New Guinea.

With one of corporate America’s strongest balance sheets, the concern isn’t whether Exxon can fund the rebuild. The question from investors: What can you do for me in the meantime? The awkward answer may be “not much,” at a time when oil prices are plummeting.  As rivals restrain growth and buy back stock, Exxon is the one “with the bull’s-eye on their back,” said Mark Stoeckle, who manages $2.6 billion including Exxon shares at Adams Express Co. “They weren’t terribly efficient in the last cycle. What do they do differently? This time it has to work.”  Oil prices in New York have fallen more than 40 percent since reaching a high of $76.41 on Oct. 3. That’s a double-edged sword for the architect of the restructuring, Chief Executive Officer Darren Woods.