New York, Feb 20, 2026, 19:07 EST — After-hours
- Exxon Mobil (XOM) slipped 2.4% to $147.28 during after-hours trading.
- Director Jeffrey W. Ubben won’t stand for re-election at the annual meeting set for May 27, according to an SEC filing.
- Oil hovered close to six-month peaks, with attention fixed on geopolitical tensions and key Exxon project updates.
Exxon Mobil slipped 2.4% Friday, with shares last changing hands at $147.28 after hours. The day’s range ran from $146.47 up to $151.63, with some 25.9 million shares traded. Chevron closed lower as well, off 0.5%.
Energy stocks took their cue from crude, which remained in the spotlight. Brent closed at $71.76 a barrel, while U.S. West Texas Intermediate finished at $66.39. Both benchmarks posted gains of over 5% for the week. “The market is nervous, it’s going to be a wait-and-see day,” said Ole Hansen of Saxo Bank. 1
Exxon’s stock is caught between macro headlines and what the company actually delivers. Investors are after consistent cash returns, but there’s also pressure for the next phase of LNG and Guyana output to come online smoothly—no unwelcome shocks.
Exxon disclosed in an SEC 8-K filing that director Jeffrey W. Ubben plans to step down and won’t seek re-election at the annual meeting set for May 27. CEO Darren Woods thanked Ubben for his service on the board. According to the filing, Ubben’s decision isn’t tied to any company matters; he’s staying on as a director until the meeting. 2
The Golden Pass LNG project, a joint venture with QatarEnergy, edged nearer to its initial output this week, as roughly 300 million cubic feet of feed gas were brought in on Wednesday, according to LSEG figures. “My expectation is we will see first LNG produced in very early March,” Woods told analysts. 3
Exxon’s Uaru development off Guyana is running ahead of schedule and costs are coming in below budget, with oil output set to begin this year, Exxon Guyana President Alistair Routledge said during the Guyana Energy Conference. The Whiptail project, meanwhile, is still targeting a 2027 launch. Both projects are designed for as much as 250,000 barrels a day. On the gas front, Routledge noted that advancing those projects hinges on government action to build up local industry. 4
Exxon’s assessment of the Stabroek block’s gas resources is ongoing, according to Guyana’s natural resources minister Vickram Bharrat, who said the company “still needs to do more work to evaluate the amount of resources there.” The results will likely influence both development strategy and potential export plans. Exxon has floated the idea of a second gas project, possibly utilizing another floating production, storage and offloading vessel, or FPSO. 5
Exxon has put in a Form S-3 shelf registration for debt securities. With this setup, the company can tap the bond market down the road—details on each offering would follow in future filings. 6
Exxon’s annual report, filed Feb. 18, shows $20 billion in share buybacks completed for 2025, and the company is targeting another $20 billion in 2026, provided market conditions hold up. Traders keep a close eye on that buyback pace whenever volatility picks up. 7
Stocks climbed across the board in the U.S. after the Supreme Court nixed President Donald Trump’s tariffs, with yields slipping as a result. Exxon bucked the upward move—energy, as ever, dances to its own tune, with oil and geopolitics overshadowing what moved the rest of the market. 8
The path forward isn’t exactly smooth. A quick drop in Middle East tensions, or a new supply jolt, can send crude sliding in a hurry. And like always, Exxon’s major projects face familiar hazards: cost overruns, schedule setbacks, or holdups from regulators.
Traders now have their eye on possible shifts in Washington-Tehran dynamics, which could spill into oil supply bets. Exxon’s Guyana gas strategy is also under scrutiny—especially any movement on tapping the bond market under its new shelf. The next clear event: Golden Pass is on track to start LNG production in early March.
