NEW YORK, Jan 22, 2026, 18:04 EST — After-hours
- Exxon shares edged up just $0.05 to $133.64 in after-hours trading, essentially flat from the previous close
- Kazakhstan launched an investigation into a fire at the Tengiz oilfield, while the operator declared force majeure on CPC Blend deliveries
- Wall Street surged after tariff relief, with Exxon’s next focus set for its Jan. 30 earnings call
Exxon Mobil shares edged up 5 cents to $133.64 in after-hours trading Thursday, after fluctuating between $131.74 and $134.17 during the session. Kazakhstan’s energy ministry said a special commission is probing the January 18 incident that shut down the massive Tengiz oil field. Exxon holds a 25% stake there alongside operator Chevron. Reuters reported that Tengizchevroil declared force majeure on CPC Blend shipments, allowing a halt in deliveries following the disruption. 1
Oil prices took a sharp hit, dragging down the usual boost energy stocks get from crude. Brent slipped $1.18, or 1.8%, to $64.06 a barrel, and U.S. crude fell $1.26, or 2.1%, settling at $59.36. The declines came after President Donald Trump eased his threats on Greenland and Iran, coupled with a bigger-than-expected rise in U.S. crude inventories. “There is a deflation of risk premium,” said Ole Hansen, chief commodity analyst at Saxo Bank. IG’s Tony Sycamore noted oil “should hold at around $60 a barrel.” 2
The broader market held steady, limiting volatility in megacap energy stocks. Wall Street’s key indexes closed up for the second day running after Trump dropped tariff threats against European allies. One money manager summed up the mood, saying markets still seem unsure if it’s “Christmas morning or Friday the 13th.” 3
Analyst upgrades helped push Exxon higher this week despite volatile crude prices. JPMorgan’s Arun Jayaram lifted his price target to $133 from $124 and maintained an Overweight rating. He cited supply-side risks for oil and a “more constructive” downstream outlook in a sector note. 4
Barclays analyst Betty Jiang bumped her price target to $140 from $130, keeping an Overweight rating intact. The bank noted the upstream “cash return model” is still “resilient,” but advised clients to “tread carefully” amid short-term commodity volatility. 5
Supply headlines from Kazakhstan kept the market’s attention. Reuters reported Wednesday that CPC exports might stay limited even as maintenance at a key single-point mooring — an offshore buoy for loading tankers — nears completion. The SPM-3 could start loading again by Friday after two months offline. Handling roughly 1.5% of global oil output, the CPC terminal is crucial for Kazakhstan’s exports. Its pipeline consortium includes Chevron and ExxonMobil subsidiaries. 6
Exxon barely budged on Thursday after soaring the previous day. The stock jumped 2.41% Wednesday, closing at $133.61 and setting a fresh 52-week high. It outpaced rivals like Chevron and ConocoPhillips, according to MarketWatch data. 7
The setup poses risks on both sides. A rapid restart at Tengiz—or a surge of barrels flooding back if geopolitical tensions ease—might push crude lower, stalling gains in oil-heavy stocks. Prolonged disruption would tighten supply but also increases the chance of new operational or political shocks hitting at an inconvenient time.
Exxon traders have their sights set on Jan. 30, the day the company plans to report its results and hold its fourth-quarter earnings call at 8:30 a.m. CST. CEO Darren Woods and top finance executives are expected to lead the discussion. 8
