New York, Feb 20, 2026, 14:46 EST — Regular session
Exxon Mobil (XOM.N) shares fell 2.4% to $147.33 in afternoon trading on Friday, reversing earlier gains after the stock touched $151.63 in the session.
The pullback comes with crude prices still hovering near six-month highs, as traders weigh U.S.-Iran tensions against a market that has plenty of supply on standby. “The market is nervous, it’s going to be a wait-and-see day,” Ole Hansen, head of commodity strategy at Saxo Bank, said. (Reuters)
For Exxon, attention has drifted back to project execution — the steady, expensive stuff that moves cash flow more than daily oil ticks. This week, the company’s fifth and sixth developments in Guyana, Uaru and Whiptail, were described as running ahead of schedule and under budget, with each expected to produce 250,000 barrels per day once online. (Reuters)
Guyana’s gas ambitions are also creeping into the equity story. Natural Resources Minister Vickram Bharrat said Exxon is still working to determine the size of gas resources at the Stabroek Block, while an Exxon spokesperson said the company would communicate expected recoverable volumes “when they are sanctioned.” (Reuters)
In Texas, the Golden Pass liquefied natural gas (LNG) venture — a joint project with QatarEnergy — pulled in about 300 million cubic feet of natural gas on Wednesday, LSEG data showed, as it inches toward first LNG. Exxon’s chief executive Darren Woods has said he expects the plant to start producing LNG in March, and an Exxon spokesperson told Reuters the company “continues to support the Golden Pass venture” as it works to deliver the project. (Reuters)
Investors are also digesting a fresh financing filing. Exxon’s prospectus dated Feb. 18 describes an automatic “shelf” registration — a framework that lets a company register debt securities now and sell them later in one or more offerings, rather than announcing a single deal upfront. (Exxon Mobil Corporation)
Exxon’s drop outpaced some U.S. oil peers on the day. Chevron fell 0.7% and ConocoPhillips slipped 0.8%, while the SPDR S&P 500 ETF rose 0.6%.
But the oil tailwind can turn fast. Analysts cited ample supply and strategic reserves as a brake on prices if the geopolitical premium fades; Julius Baer economist Norbert Rücker told Barron’s oil could slip back below $60 by midyear if tensions ease. (Barron’s)
Next up, traders are watching a legal date on the calendar: the U.S. Supreme Court is set to hear arguments on Monday, Feb. 23, in an Exxon case tied to compensation claims against Cuban entities, according to the court’s docket. (Supremecourt)
