New York, February 2, 2026, 18:48 EST — After-hours
- Exxon shares fell roughly 2% as crude prices dropped over 4%
- Oil prices dropped following Donald Trump’s claim that Iran is “seriously talking” with Washington
- Attention now turns to U.S. inventory figures due Feb. 4 and the U.S.-Iran nuclear negotiations set for Feb. 6
Exxon Mobil shares dropped 2.1% Monday, closing at $138.40, down $3.04. After-hours trading showed little movement.
Exxon bucked the broader market trend, falling while stocks rallied on a shift into chipmakers and small caps. Energy lagged, with the S&P 500 energy index dropping roughly 2% as crude prices tumbled. (Reuters)
Oil prices plunged after Trump said Iran was “seriously talking” with the U.S., easing concerns about supply disruptions. Brent crude slid $3.02, or 4.4%, to $66.30 a barrel. U.S. WTI dropped $3.07, or 4.7%, to $62.14. A stronger dollar and softer U.S. weather forecasts also weighed on the market, Reuters reported. Phillip Nova analyst Priyanka Sachdeva noted that January’s earlier threats had helped prop up prices. (Reuters)
The stock is still reacting to Exxon’s quarterly report from Jan. 30, which topped Wall Street estimates and announced $20 billion in share buybacks through 2026. But RBC Capital Markets analyst Biraj Borkhataria pointed to the steep chemicals slump after Exxon revealed an adjusted loss in that division. (Reuters)
Exxon reported $9.5 billion in shareholder payouts for the quarter, with $5.1 billion spent on share repurchases that shrink the share count, and $4.4 billion handed out as dividends. The company set its quarterly dividend at $1.03 per share, payable March 10 to those on record by Feb. 12. (ExxonMobil)
Chief Executive Darren Woods highlighted the long-delayed Golden Pass export terminal in Texas, a $10 billion project with QatarEnergy. “My expectation is we will see first LNG produced in very early March,” Woods said. (Reuters)
Chevron slipped 1.6%, while ConocoPhillips took a bigger hit, dropping 2.3%.
Oil traders are digesting OPEC+’s decision to hold output steady in March, with no clear signals on future moves. Jorge Leon, head of geopolitical analysis at Rystad Energy, noted, “With rising uncertainty around Iran and U.S. tensions, the group is keeping all options firmly on the table.” (Reuters)
The trade can reverse quickly. Reuters noted that the wider commodity slump on Monday was worsened by a stronger dollar, following Trump’s choice of Kevin Warsh to replace Jerome Powell at the Federal Reserve. This setup could keep pressure on dollar-denominated crude if risk appetite remains weak. (Reuters)
The next key data point comes from U.S. inventory figures. The Energy Information Administration will release its Weekly Petroleum Status Report on Wednesday, Feb. 4, at 10:30 a.m. ET. (U.S. Energy Information Administration)
Traders tracking Exxon will focus on updates from the U.S.-Iran talks set for Feb. 6 and keep an eye on whether Exxon meets its early-March deadline at Golden Pass. The OPEC+ meeting on March 1 also casts a shadow over the oil market’s next moves.
