$XOM has only $3B in cash and $45B in debt (net $42B) vs $14B in 2019 net income pre-COVID. Net debt/income was substantial at 3x, and cash is low.   $AAPL has $100B in cash and $108B in debt vs $57B in 2019 net income pre-COVID. Net debt/income was 0.15x  Different leagues.