The question to ask on oil companies is - how long are you willing to wait for them to recover. By the looks of it, it will be a long time before oil stocks get back to where they were 6-8 months ago. While normally, the bottom is the worst time to sell (should be buying), if moving your money elsewhere will get back your losses faster than waiting for your current positions to recover, then you make the move.

On the other hand, oil industry can be very unpredictable. It just takes one major supply disruption/geopolitical event to swing us out of this supply glut. You could hold and bet on that happening, and it wouldn't be an unreasonable strategy.