New York, Feb 20, 2026, 14:46 EST — Regular session
Exxon Mobil (XOM.N) dropped 2.4% to $147.33 Friday afternoon, giving up earlier gains after hitting $151.63 earlier in the session.
Crude remains close to its highest levels in half a year, but prices eased off as traders tried to gauge the risks from U.S.-Iran strains against a backdrop of ample spare supply. “The market is nervous, it’s going to be a wait-and-see day,” Ole Hansen, head of commodity strategy at Saxo Bank, told Reuters. 1
For Exxon, focus has shifted back to the nuts and bolts of getting projects off the ground—the capital-heavy operations that ultimately shape cash flow more than oil’s daily moves. The company’s fifth and sixth projects in Guyana, Uaru and Whiptail, are now said to be running not just ahead of schedule but also under budget. Both developments are targeting 250,000 barrels per day once they’re up and running. 2
Guyana’s move into gas is starting to show up in the equity narrative. Natural Resources Minister Vickram Bharrat said Exxon is still assessing how much gas sits in the Stabroek Block. A spokesperson for Exxon, for now, said details on expected recoverable volumes will only come “when they are sanctioned.” 3
Golden Pass, the Texas LNG project run with QatarEnergy, took in roughly 300 million cubic feet of natural gas on Wednesday, according to LSEG data, signaling it’s closing in on initial LNG output. Exxon CEO Darren Woods has targeted March for the start of production. An Exxon spokesperson told Reuters the company “continues to support the Golden Pass venture” as it works to finish the project. 4
There’s also new paperwork in play: Exxon has filed a financing prospectus, dated Feb. 18, outlining an automatic “shelf” registration. That setup allows the company to register debt securities in advance—securities it can then issue over time in multiple offerings, instead of committing to a single transaction from the start. 5
Exxon lagged further than a few of its U.S. oil rivals this day. Chevron eased 0.7%, ConocoPhillips dipped 0.8%. SPDR S&P 500 ETF, on the other hand, added 0.6%.
Still, that boost from oil might not last. Analysts point to healthy supplies and tapped strategic reserves as likely caps on prices if the current geopolitical risk dissipates. Norbert Rücker, an economist at Julius Baer, told Barron’s crude could drop below $60 by midyear if tensions subside. 6
Traders have their eyes on a key legal event: The U.S. Supreme Court will take up arguments Monday, Feb. 23, in an Exxon compensation dispute involving Cuban entities, the court’s docket shows. 7
