NEW YORK, June 19, 2026, 14:06 EDT
- Exxon Mobil ended Thursday at $137.81, off 2.08%. Based on the June 12 close of $147.01, the stock lost around 6.3% this week.
- U.S. stock markets did not open Friday for Juneteenth, so Thursday’s close stands as the last regular-session level.
- Brent crude was on track to end the week down about 8% after oil shipments through the Strait of Hormuz picked up.
Exxon Mobil Corp. goes into Monday’s open on the defensive. Shares dropped over the holiday week, with investors cutting the stock as oil’s war premium eased and more crude flowed through the Strait of Hormuz.
The stock finished Thursday at $137.81, losing 2.08% on the day after dropping to as low as $135.85 during the session. The New York Stock Exchange did not open Friday for Juneteenth, which meant there was no chance for a regular-session move before the weekend.
Crude is back in focus. Brent edged up Friday but looked set for a roughly 8% loss this week after signs of a Lebanon ceasefire and increased movement in Hormuz after the U.S.-Iran peace deal. “The backlog of ships can move quicker than some people think,” Price Futures Group’s Phil Flynn told Reuters. Reuters
Exxon gets hit from both sides when oil falls. As an integrated company, Exxon not only drills for oil and gas but also refines, trades and sells fuel. The upstream segment, which covers production and exploration, usually takes the biggest hit when crude drops. On Thursday, Chevron dropped 2.22% and ConocoPhillips slid 3.12%, so the slide went wider than just one stock.
Exxon shares moved as traders reacted to the sharp shift in pricing for the marginal barrel, less so to anything on the company’s balance sheet. A geopolitical premium can boost energy stocks in a hurry. It can disappear just as fast.
Bank of America, with Jean Ann Salisbury leading the team, has gone bullish on Exxon, TheStreet reported. Analysts upgraded the stock to Buy from Neutral and put a $154 target on it. They said the recent drop already reflects weak long-term Brent and called out Permian performance, refining, and a chance for Middle East volumes to recover.
Exxon posted first-quarter earnings of $4.2 billion on May 1, with the company pointing to record production out of Guyana and first LNG at Golden Pass Train 1. CEO Darren Woods said Exxon is built to “perform through disruption and across market cycles.” Bulls may see these results as a sign of strength, but they don’t answer the oil-price drop. Exxon Mobil Corporation
Exxon signed a preliminary agreement to supply LNG to Zululand Energy Terminal, which would be South Africa’s first LNG import terminal. LNG is natural gas cooled into liquid for shipping. Andrew Barry, chairman of ExxonMobil LNG Market Development Inc., said the deal “support[s] South Africa’s energy security with reliable supply.” Reuters
Rumors on a possible LNG deal stalled. Woodside Energy out of Australia said it was “not aware of any proposal” with Exxon and was not in talks, pushing back on talk that Exxon might target Woodside to boost its LNG and Asia business. Exxon had no comment. Reuters
Exxon kept work going on its Guyana pipeline. The company filed for environmental clearance for a 35-well drilling push in the Stabroek block, roughly 120 miles offshore Guyana. The campaign is planned to run from 2028 to 2033.
Oil’s outlook remains shaky. If U.S.-Iran talks fall apart or Hormuz faces extra curbs, crude could snap back, taking some pressure off Exxon. But if supplies return quicker and prices slide more, analysts may keep trimming producer earnings forecasts. Oil traders questioned the diplomatic moves and flagged more swings ahead.
Exxon (XOM) heads into the week with traders watching the open after four sessions down. The focus is on its South Africa LNG move and the Guyana permit push, both important for the long side. For now, it’s about oil finding its footing and whether XOM keeps above $135-$138.
