After a century of huge demand for products and inexpensive crude oil supply for the giant oil companies (Royal Dutch Shell, ExxonMobil, BP, Chevron, TOTAL), the environment started becoming more and more challenging for them. The role of some factors will be more and more critical in the future of the oil industry as a whole and in these companies as well. Oil will not be as cheap anymore, and GHG emission has become the biggest question oil companies have to address. Also, the increasing rate of fuel consumption worldwide is a motivation to develop the new technologies deploying alternative sources of energies. If the nightmare of Peak Oil in this decade is added to the problem, the situation will be very challenging for these big companies. So could it be the beginning of an alarming situation for these big companies, after about a century of convenience for them? What strategy and path should they choose? In this paper the strategies of these companies, referred to as the Giants, facing these challenges in the past, present and future will be analyzed using the dynamic capability theory as the framework. Shell and Total seems to be more proactive in reconfiguring new capabilities, and ExxonMobil and Chevron see the environment as less challenging and seem to be more conservative. BP has a position somewhere in the middle. The roots for such a strategic perspective will be briefly described.