New York, Feb 13, 2026, 15:34 ET — Regular session
- Exxon shares dip as investors weigh U.S. sanctions relief for Venezuela and shifting crude supply expectations
- Energy stocks track oil prices after softer U.S. inflation data and fresh OPEC+ output chatter
- Traders eye a March 1 OPEC+ meeting and next steps on Venezuela permits for new projects
Exxon Mobil shares fell 0.9% to $148.61 in afternoon trading on Friday, a rare soft patch as crude traders digested a sweeping U.S. move to loosen restrictions on Venezuela’s energy sector. Chevron was up 0.9%.
The Venezuela shift matters because it could eventually add barrels to the market at the same time OPEC+ is weighing whether to lift output again. For Exxon, oil price direction is still the big lever on earnings and cash returns, even when the headline is political.
Oil prices steadied after U.S. data showed inflation cooled more than expected in January, but the market stayed jumpy on supply. Brent was up 11 cents at $67.63 a barrel by early afternoon, while U.S. West Texas Intermediate was flat at $62.84; both were headed for weekly declines after Thursday’s slide. Dennis Kissler, senior vice president of trading at BOK Financial, said inflation “looks like” it is stabilizing, but pointed to the risk that “OPEC could possibly increase production.” (Reuters)
Washington on Friday issued two general licenses that allow major energy companies to operate oil and gas projects in Venezuela and for other firms to negotiate new contracts for fresh investment, subject to separate permits. Chevron, BP, Eni, Shell and Repsol were among the companies covered for existing operations, with royalty and tax payments required to run through a U.S.-controlled deposit fund, the Treasury said. Exxon, whose assets were expropriated in 2007, does not currently have an office in Venezuela; Exxon CEO Darren Woods told President Donald Trump last month the country was “uninvestable,” while U.S. Energy Secretary Chris Wright said Exxon is in talks and gathering data. (Reuters)
The oil-producing alliance known as OPEC+ — OPEC and allies including Russia — is leaning toward resuming output increases from April, sources told Reuters, with eight members due to meet on March 1. No decision has been made and talks will continue, the sources said, but even the signal was enough to knock crude earlier in the day before prices recovered. (Reuters)
A “general license” is a broad authorization that lets companies do certain business without asking Washington case-by-case. For investors, the fine print still matters: the U.S. has kept restrictions on dealings involving Russian, Iranian or Chinese entities, and new projects would still need separate approvals.
The bigger uncertainty is timing. Wright said U.S.-controlled oil sales from Venezuela have topped $1 billion since January and could bring in another $5 billion in the coming months, but he also acknowledged Exxon would move “slowly and carefully.” David Goldwyn, a former U.S. State Department energy diplomat, called forecasts for 30% production growth this year “a bit fantastical” given the state of infrastructure and the political and fiscal unknowns. (Reuters)
Exxon’s last earnings update, at the end of January, underlined why the stock remains tied to crude swings and capital returns. The company reported fourth-quarter earnings of $6.5 billion and said it distributed $9.5 billion to shareholders in the quarter, including $5.1 billion of share repurchases; it also declared a $1.03-per-share dividend payable March 10 to shareholders of record on Feb. 12. (ExxonMobil)
Next up, traders will watch whether oil holds its range into next week as geopolitics and U.S. rate expectations pull in opposite directions. For Exxon, the near-term catalysts are the March 1 OPEC+ meeting and any further U.S. authorizations that clarify how quickly, or how broadly, Venezuela investment can actually restart.
