New York, Feb 20, 2026, 11:50 EST — Regular session
- Exxon Mobil shares fell about 2.6% in late morning trade, underperforming the broader U.S. market.
- Fresh comments this week on Guyana growth kept focus on project timing and demand needed for new gas infrastructure.
- Traders are also watching crude prices near six-month highs and the next U.S. inventory data.
Exxon Mobil shares were down $3.94, or 2.6%, at $147.03 in late morning trading on Friday, after touching a session low of $147.01.
The drop matters because Exxon is often treated as a liquid proxy for big-picture energy risk. Crude has been moving on geopolitics and supply expectations, and investors have been quick to rotate in and out of the sector.
It also lands in the middle of a busy week for Exxon’s Guyana story, one of the company’s main growth engines. Updates on production timing are one thing; the harder question is what sits behind it — the pace of gas demand onshore, and whether infrastructure gets sanctioned on schedule.
Oil majors were mostly lower, but Exxon’s slide stood out. Chevron fell 1.2% and ConocoPhillips lost 1.3%, while U.S.-listed Shell was down about 1.4%. The Vanguard Energy ETF slipped 1.1% even as the SPDR S&P 500 ETF rose about 0.4%.
In crude, prices held near six-month highs, but the tone stayed jittery into the weekend. “The market is nervous, it’s going to be a wait-and-see day,” Ole Hansen, head of commodity strategy at Saxo Bank, said. Reuters
On the company front, Guyana’s natural resources minister said Exxon is still working to pin down the size of gas resources in the Stabroek Block as it weighs the next phase of gas development. “Exxon still needs to do more work to evaluate the amount of resources there,” Vickram Bharrat said. Reuters
The Reuters report said Exxon is looking at a second gas development in the southeast of Stabroek that could use a second floating production, storage and offloading vessel — an FPSO, a ship-like unit that produces and stores offshore output — and potentially feed a pipeline the government wants to the Berbice region.
Investors also heard this week that Exxon’s Uaru and Whiptail oil projects in Guyana are progressing ahead of schedule and under budget, with each project expected to produce 250,000 barrels per day once online. Uaru is slated to start producing in 2026 and Whiptail in 2027, Reuters reported.
In filings, Exxon posted its annual report on Form 10-K dated Feb. 18, a document investors often comb for more detail on risks, projects and capital plans beyond the headline results.
In the broader oil tape, U.S. crude inventories fell sharply in the latest weekly data, a supportive datapoint for prices even as traders keep one eye on longer-term supply. The Energy Information Administration said crude stocks dropped by 9 million barrels to 419.8 million barrels in the week ended Feb. 13.
But there’s an obvious “what could go wrong” angle. Exxon’s Guyana gas ambitions depend on long-term industrial demand showing up onshore and on approvals lining up; delays would push out cash flows. And if the geopolitical risk premium fades or new supply hits faster than demand, crude prices can retreat quickly — and energy equities usually follow.
Next up, traders will watch the next EIA weekly petroleum report on Wednesday, Feb. 25 at 10:30 a.m. Eastern, and any fresh commentary from Exxon at its Morgan Stanley conference fireside chat on March 3 (10:00 a.m. CST / 11:00 a.m. ET).
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