New York, Jan 26, 2026, 08:55 EST — Premarket
- Exxon shares crept up ahead of the open, with energy markets zeroed in on weather-related disruptions.
- The company is closing units at its Baytown complex as the restart of Kazakhstan’s Tengiz operation continues to be uncertain.
- Traders eye Exxon’s Jan. 30 earnings for clues on output, refining, and margin trends.
Exxon Mobil Corp shares gained roughly 1.3%, reaching $136.76 in premarket Monday, following a close at $134.97 on Friday. 1
Oil prices held steady after climbing more than 2% in the previous session, driven by U.S. weather disruptions and geopolitical tensions. Brent slipped 0.1% to $65.81 a barrel, while U.S. crude fell 0.2% to $60.94 by 1251 GMT, according to Reuters. “Outages tighten physical flows,” said Priyanka Sachdeva, senior market analyst at Phillip Nova. JPMorgan analysts put U.S. crude production losses at roughly 250,000 barrels per day due to the severe weather. 2
Exxon’s move arrives ahead of a packed week for corporate earnings and a key Federal Reserve rate decision, which could ripple through oil-related stocks via the dollar and overall risk appetite. Early trading saw U.S. stock index futures slip, with John Velis, Americas macro strategist at BNY, noting that “markets expect no rate change this month.” 3
Exxon announced it was shutting down units at its Baytown, Texas petrochemical complex due to freezing weather, Reuters reported. The site houses a chemical plant, olefins plant, ethane cracker, and a refinery with a capacity of 564,440 barrels per day. Exxon did not specify which units were impacted. (Barrels per day measures daily processing or production capacity.) 4
Kazakhstan’s energy ministry confirmed production at the Korolev oilfield has resumed following the January 18 shutdown, with the massive Tengiz field expected to come back “in the near future.” Yet, sources from the industry indicate output remains low, and a force majeure on CPC Blend exports is still active. One insider estimated current production at about 60,000 bpd—just 6% of normal capacity. Meanwhile, the government said Prime Minister Olzhas Bektenov met with Exxon vice president Peter Larden, pressing the company to accelerate repairs. Exxon holds a 25% stake in Tengizchevroil, where Chevron controls 50%. 5
Exxon investors are dealing with a familiar but tricky situation. When crude prices rise, upstream profits usually get a boost, but unexpected outages can squeeze refining and chemicals.
The risk lies in the Baytown shutdown dragging on beyond expectations or Tengiz’s output ramping up sluggishly, which would disrupt near-term volumes and push up costs. Conversely, a swift rebound in U.S. supply or Kazakhstan exports might ease the crude-price surge that has buoyed the sector.
Exxon will report its quarterly earnings next. The company plans to unveil fourth-quarter results and hold an earnings call on Friday, Jan. 30, starting at 8:30 a.m. Central time, per its investor calendar. 6
