New York, Jan 26, 2026, 19:06 EST — After-hours
- Exxon shares slipped in late trading following weather-related shutdowns at its Baytown complex.
- The company also pointed to growing momentum in carbon capture, aiming to expand that business along the U.S. Gulf Coast.
- All eyes are on Friday’s quarterly report for clues on margins, outages, and 2026 spending plans.
Exxon Mobil shares edged down 0.1% to $134.84 in after-hours trading Monday, following the company’s announcement that freezing weather forced shutdowns at its Baytown, Texas petrochemical complex. The U.S. Gulf Coast, which holds roughly half of the nation’s crude oil refining capacity, was hit hard. Exxon didn’t specify which units were affected at Baytown, home to a 564,440-barrel-per-day (bpd) refinery. 1
Traders are shifting ahead of Exxon’s quarterly report due later this week. Investors want to filter out weather-driven fluctuations to get a clearer read on demand and margins. Signals about 2026 spending plans and cash returns might carry more weight than the day-to-day price action.
Exxon on Monday highlighted progress in its low-carbon efforts, announcing it has kicked off commercial carbon capture and storage (CCS) operations with ammonia maker CF Industries in Louisiana. The initiative will capture and store up to 2 million metric tons of CO2 annually from CF’s Donaldsonville plant. CCS works by trapping carbon dioxide from industrial sources and burying it underground. Exxon noted it has additional CCS deals in Louisiana, expects more projects to launch this year, and plans to have three CCS operations running by 2026. 2
Oil prices edged lower Monday as traders balanced storm-related supply disruptions against geopolitical concerns. Brent fell 0.4% to $65.59 a barrel, while U.S. West Texas Intermediate dropped 0.7% to $60.63. Dennis Kissler, senior vice president of trading at BOK Financial, described crude as stuck “in a holding type trade pattern” pending clearer signals on U.S.-Iran tensions. 3
Rystad Energy CEO Jarand Rystad warned that U.S. shale output might shrink by up to 400,000 barrels per day in 2026 if oil prices slide to $40 and OPEC pushes harder to reclaim market share. “If OPEC takes a more aggressive stance on bringing back volumes,” he said, shale growth would stall. 4
Oil remains Exxon’s mainstay on the upstream front, with refining and chemicals profits shifting alongside margins and run speeds. The Baytown cuts represent an operational hiccup that can swiftly affect product output.
But the outage might be brief — a prolonged one would have mixed effects, squeezing fuel supply while also slashing volumes.
Traders heading into Tuesday’s session will be eyeing updates on the Baytown restart timeline and potential broader curbs triggered by the cold snap along the Gulf Coast. Oil prices remain in focus, with their implications for 2026 cash flow closely watched.
Exxon plans to report its fourth-quarter earnings on Friday, followed by a conference call at 8:30 a.m. Central. CEO Darren Woods and CFO Kathy Mikells are set to lead the discussion, per the company’s investor relations schedule. 5
Friday’s report stands out as the next key catalyst for XOM, especially regarding refinery run rates, low-carbon investments, and how quickly shareholder returns ramp up.
