New York, Feb 5, 2026, 18:46 EST — After-hours
- Exxon shares slipped roughly 1% in late trading, finishing close to $146
- Oil dropped close to 3% after the U.S. and Iran scheduled talks in Oman
- Exxon flagged a unit upset at its Joliet, Illinois refinery; meanwhile, a hydrogen startup has filed a lawsuit over access to a CO2 pipeline
Exxon Mobil Corporation shares dipped $1.63, or 1.1%, closing at $146.08 in late Thursday trading.
The drop follows a steep fall in crude prices amid a wider risk-off mood. Exxon tends to act as a stand-in for oil itself, given its role spanning crude extraction to refining into gasoline and diesel.
This matters now because much of the recent rally in big oil has depended on steady crude prices and the belief that geopolitics would restrict supply. When that narrative falters, the stocks usually react first, with the finer points emerging afterward.
Oil prices dropped nearly 3% after the U.S. and Iran agreed to meet for talks in Oman this Friday, easing immediate concerns about supply disruptions. Brent closed at $67.55 a barrel, while U.S. WTI finished at $63.29. Phil Flynn of Price Futures Group said the market was “giving talks the benefit of the doubt,” though he warned the outcome remains uncertain. Reuters
Iran’s Foreign Minister Abbas Araqchi traveled to Muscat for talks, the Iranian foreign ministry’s spokesperson confirmed, stressing Tehran’s focus solely on its nuclear program. Spokesperson Esmail Baghaei stated Iran seeks a “fair, mutually acceptable and dignified understanding.” Reuters
Exxon’s drop coincided with a broad sell-off in U.S. stocks, as the Nasdaq took a hit from tech sector losses amid fresh concerns over hefty AI expenditures. “We’re seeing this volatility about whether this investment will translate, ultimately, into results,” said Tom Hainlin, an investment strategist at U.S. Bank Wealth Management. Reuters
Exxon ended regular trading at $146.08, breaking a two-day winning streak and closing roughly 1.2% below its 52-week high of $147.84 reached just the day before. Chevron dropped 1.10%, while ConocoPhillips tumbled 2.43%, according to MarketWatch data.
Company-specific updates were scarce but did appear. Exxon disclosed a unit upset at its Joliet refinery in Illinois on Feb. 4, per a filing from the Illinois Emergency Management Agency referenced by Reuters.
Peers highlighted just how sensitive the sector remains to price swings. ConocoPhillips announced plans to slash capital and operating costs by $1 billion in 2026 following a quarterly profit miss driven by weaker crude prices. CEO Ryan Lance emphasized a focus on that “$1 billion reduction” while maintaining returns to shareholders. Reuters
Exxon is also dealing with new legal challenges tied to its push into lower-carbon energy. Clean Hydrogen Works filed a lawsuit against Exxon and its affiliate Denbury, accusing them of blocking access to a carbon dioxide pipeline network crucial for a planned “blue ammonia” project — ammonia produced from natural gas with captured carbon. The company told a Texas court that this could lead to delays and additional costs “likely more than $1 billion” beyond what it had budgeted. E&E News by POLITICO
Across the globe, a supplier marked a key development in Guyana. SBM Offshore announced that ExxonMobil Guyana wrapped up a $2.32 billion acquisition of the FPSO ONE GUYANA — a floating production, storage and offloading vessel. SBM will continue to operate and maintain the unit through 2035.
Analysts have been revising their targets upward following recent company updates. MT Newswires reported that Mizuho raised its price target on Exxon to $140 from $132, though it stuck with a neutral rating. Goldman Sachs and BMO also increased their price targets but kept their existing ratings unchanged.
The near-term outlook still favors crude. If the Oman discussions show promise and traders begin factoring in easier supply, oil-linked stocks could remain under pressure—even if Exxon’s operations stay steady. That could reverse quickly, though, if talks collapse or there’s an unexpected event in the Middle East.
Investors are focused on Friday’s U.S.-Iran talks, followed by a busy data day next Wednesday. The U.S. Energy Information Administration will release its Weekly Petroleum Status Report on Feb. 11. That same morning at 8:30 a.m. ET, the Bureau of Labor Statistics is set to publish the January U.S. employment report.
