New York, Jan 29, 2026, 12:16 EST — The market is in regular session.
- Exxon shares rose roughly 1.5% by midday, following a notable jump in crude prices.
- Oil surged to a five-month peak, driven by worries over Iran’s supply and a weaker dollar.
- Exxon is set to report earnings on Friday, with investors keenly awaiting any updates on Venezuela.
Exxon Mobil’s shares climbed Thursday, pushing XOM higher as energy stocks gained ground alongside crude prices ahead of the company’s upcoming earnings report. By midday, Exxon was up roughly 1.5%, trading at $139.58.
This move is significant as Exxon reports on Friday, with investors eager to distinguish a new geopolitical boost in oil from earnings tied to lower crude prices. Traders are also hunting for signals on buybacks, cash flow, and how management lays out risks for 2026 following a turbulent start to the year.
Oil prices surged roughly 3% to hit a five-month peak, with Brent crude trading near $70.50 a barrel and U.S. WTI around $65.30 by late morning. John Evans from PVM highlighted concerns that any Iranian threats to shipments through the Strait of Hormuz, a crucial crude shipping lane, could disrupt supply.
Exxon and Chevron execs might get grilled more on Venezuela than on their actual earnings when they meet analysts Friday, Reuters reports. Washington’s latest moves have sparked talk of increased U.S. investment there. Stephanie Link from Hightower Advisors expects the Venezuela angle to come up across the board. Meanwhile, TD Cowen’s Jason Gabelman and Bank of America’s Jean Ann Salisbury point to a lack of clarity that makes valuing near-term opportunities tricky. Exxon has reminded investors about prior sensitivities around upstream earnings, while LSEG data shows adjusted EPS estimates at $1.68.
For Exxon, “upstream” means the oil-and-gas production segment, where profits mostly hinge on realized prices. The catch this time: crude prices are climbing now, but the quarter on the books shows a different pricing landscape.
Refining will also take center stage, following a volatile winter for fuel spreads. Investors will be watching Exxon’s outlook closely, sizing it up against peers like Chevron as Big Oil gears up for a packed slate of earnings.
A drop in crude prices might deflate the trade’s momentum. Should tensions around Iran calm swiftly, or new supply news emerge, the risk premium that boosted energy stocks on Thursday could vanish—just as companies confront questions they can’t fully address.
Exxon plans to release its fourth-quarter 2025 results around 5:30 a.m. Central time on Friday, with an earnings call set for 8:30 a.m. Central. Traders will zero in on any shifts in the share buyback program, margin updates, and how decisively management addresses—or sidesteps—questions about Venezuela.
