Solar power + grid storage will initially replace natural gas peaker plants and break into the base load production. Southern California Edison is probably the most visible and recent example. Grid storage enables more variable power sources like solar and wind to function on the grid, displacing natural gas peaker plants. Simultaneously, the same technology that enables grid storage, low cost batteries, is bringing the EV to the mass market within the next 2 years.
Solar is certainly a major part of this energy shift. The oil companies take a hit on two fronts. Within the next 20 years the major uses of oil will be reduced to heating and large/utility vehicles.