NEW YORK, Jan 28, 2026, 13:08 EST — Regular session
- Exxon shares gained roughly 0.6% by midday, buoyed by a rise in crude prices
- Oil remained close to its highest level since late September, buoyed by supply outages and a softer dollar
- Investors are gearing up for Exxon’s earnings report due Friday
Exxon Mobil shares climbed Wednesday, extending a rally that’s driven the stock closer to new highs amid firmer oil prices and anticipation around the company’s upcoming quarterly earnings.
Oil stayed close to a four-month peak as a winter storm threw a wrench into U.S. supplies and a weaker dollar gave commodities a boost. U.S. government figures revealed an unexpected drop in crude inventories. “The story of this report is solid demand,” said Phil Flynn, senior analyst at Price Futures Group. Reuters
Exxon’s timing is crucial. The company will release its fourth-quarter results Friday, as investors look for news on production growth and capital returns following a solid run for U.S. energy stocks.
The same cold snap that squeezed supply also disrupted shipments. Exports of crude oil and liquefied natural gas from U.S. Gulf Coast ports dropped to zero on Sunday, then recovered Monday, according to ship-tracking firm Vortexa. Samantha Santa Maria-Hartke, Vortexa’s head of market analysis, attributed the plunge to precautionary port closures, with flows picking up as the ports reopened.
Exxon reported it was shutting down units at its Baytown, Texas, petrochemical complex due to freezing weather. The company didn’t specify which units were offline at the site, which houses a 564,440 barrels-per-day (bpd) refinery.
Crude traders are on edge ahead of OPEC+’s Feb. 1 meeting. Delegates told Reuters the group, which includes Russia and other allies, is set to maintain its current pause on output hikes for March.
U.S. officials are working on a general license to ease certain sanctions on Venezuela’s energy sector, sources told Reuters. This move could boost oil supply if Venezuelan exports pick up.
Geopolitics are at play as well. A U.S. aircraft carrier, accompanied by support warships, has entered the Middle East, according to two U.S. officials speaking to Reuters, amid ongoing heightened tensions with Iran.
Exxon highlighted progress in its lower-carbon ventures this week, announcing the start of commercial carbon capture and storage (CCS) operations alongside CF Industries in Louisiana. The project aims to capture and sequester up to 2 million tonnes of CO2 annually from CF’s Donaldsonville plant.
Guyana continues to be the hub for longer-term supply growth. The finance minister expects crude exports to climb, projecting average output near 840,000 bpd by 2026. Exxon’s consortium dominates production there, aiming to boost capacity as high as 1.15 million bpd with new projects coming online.
Exxon is moving beyond its usual upstream focus by forging new partnerships. China’s BYD announced a long-term deal with Exxon to expand collaboration on hybrid technology, covering tailored product research and innovative materials use.
Chevron shares edged up slightly by midday as other oil giants followed suit Wednesday.
Exxon ended Tuesday at $136.83, just shy of its 52-week peak, raising expectations ahead of Friday’s earnings and guidance.
Exxon will release its fourth-quarter results Friday morning. The company plans to issue its press release at 5:30 a.m. CT, followed by a conference call at 8:30 a.m. CT.
