New York, Feb 13, 2026, 15:34 ET — Regular session
- Exxon shares slipped, with investors assessing U.S. sanctions relief for Venezuela and changing crude supply forecasts.
- Energy shares moved alongside oil, reacting to softer U.S. inflation numbers and renewed talk from OPEC+ on output plans.
- Traders are watching for the March 1 OPEC+ meeting, also keeping tabs on Venezuela permits tied to upcoming projects.
Exxon Mobil slipped 0.9% to $148.61 Friday afternoon, taking a rare step back while crude markets processed broad U.S. moves easing rules on Venezuela’s energy output. Chevron, in contrast, added 0.9%.
Venezuela’s move could push more barrels onto the market just as OPEC+ debates a possible output hike. For Exxon, oil prices remain the main force behind earnings and cash returns—regardless of any political noise in the headlines.
Oil held steady, with Brent inching up 11 cents to $67.63 a barrel by early afternoon and U.S. West Texas Intermediate flat at $62.84. Both benchmarks tracked lower for the week after sliding on Thursday. Fresh U.S. data signaled a bigger-than-expected cooling in inflation for January, but traders remained uneasy about supply. “Inflation looks like it is stabilizing,” said Dennis Kissler, senior vice president of trading at BOK Financial, though he flagged the chance that “OPEC could possibly increase production.” Reuters
The U.S. on Friday rolled out two general licenses, greenlighting big energy firms to keep oil and gas projects running in Venezuela and letting others start contract talks for new deals—though those will need extra permits. Existing operations for Chevron, BP, Eni, Shell, and Repsol get the nod, but the Treasury made clear that all royalty and tax payments must flow through a U.S.-controlled deposit fund. Exxon’s situation is different. After losing its assets to expropriation back in 2007, the company doesn’t have a Venezuela office. CEO Darren Woods recently told President Donald Trump that Venezuela is “uninvestable,” but U.S. Energy Secretary Chris Wright said Exxon is still in the information-gathering stage and talking. Reuters
OPEC+ — that’s OPEC plus Russia and other partners — is considering bringing back oil output hikes starting in April, according to sources who spoke to Reuters. Eight members are set to gather on March 1. No final call yet, the sources added, and discussions are ongoing. Still, just the hint shook crude prices earlier in the day, though markets later clawed back.
A “general license” gives companies the green light to operate in some areas without running every deal by Washington. Still, investors will want to pay close attention to the details—restrictions remain for business tied to Russian, Iranian or Chinese entities, and any fresh projects require their own approvals.
The real question is when. Wright pointed out that U.S.-controlled oil sales out of Venezuela have already cleared $1 billion since January, with the potential to add another $5 billion in the coming months. Still, he made it clear Exxon isn’t rushing in—he used the words “slowly and carefully.” David Goldwyn, who previously handled energy at the U.S. State Department, described expectations for 30% production growth this year as “a bit fantastical,” citing shaky infrastructure and plenty of political and fiscal uncertainty. Reuters
Exxon’s January earnings release made the connection between its share price and crude prices pretty clear. Fourth-quarter profit came in at $6.5 billion, with $9.5 billion returned to shareholders—$5.1 billion of that through buybacks. The company also set a $1.03 per share dividend, payable March 10 to investors on record as of Feb. 12.
Traders now turn to see if oil prices can stay within their recent band heading into next week, with geopolitics tugging one way and U.S. rate bets the other. Exxon’s immediate focus: the March 1 OPEC+ gathering, plus any new U.S. guidance that spells out the pace—or the scope—of a restart for Venezuela investment.
