New York, Feb 3, 2026, 11:22 EST — Regular session.
- Exxon shares climbed roughly 3.8% in late-morning trading, bouncing back from Monday’s dip
- Oil prices edged up following a steep drop linked to U.S.-Iran talks and supply rumors
- Refinery labor talks and margin data continue to drive short-term moves in the group
Exxon Mobil (XOM) shares climbed roughly 3.8% to $143.62 on Tuesday, bouncing between $136.97 and $143.62 during the session.
Crude prices found some footing after Monday’s slide, pushing much of the energy sector higher. Brent climbed 45 cents to $66.75 a barrel, while U.S. West Texas Intermediate added 56 cents, settling at $62.70. The previous roughly 4% drop came amid speculation about U.S.-Iran nuclear talks and signals of increased supply.
Exxon ended Monday 2.1% lower at $138.40, exchanging 27.7 million shares, according to its investor relations data.
Refinery labor talks remain a key focus this week. The United Steelworkers union has extended negotiations with Marathon Petroleum—a lead negotiator for 26 companies including Exxon—by rolling 24-hour increments, dodging a strike so far.
Marathon’s Tuesday earnings added a new angle on refining, delivering a quarterly profit that beat forecasts. Refining margins—the difference between crude costs and fuel prices—jumped 44% to $18.65 per barrel.
Exxon’s latest earnings report is still under scrutiny, especially around its 2026 production targets and buyback plans. The company topped Q4 estimates and confirmed upstream output at 4.7 million barrels of oil equivalent per day for the year. Exxon also stuck to its $20 billion share repurchase plan through 2026. CEO Darren Woods said, “We’re capturing more value from every barrel and molecule we produce.” But RBC Capital Markets’ Biraj Borkhataria flagged the chemicals division’s loss, calling it a stark reminder of the sector’s downturn. Reuters
Woods added that the first liquefied natural gas (LNG) shipment from the delayed Golden Pass export project in Texas is expected in March. The $10 billion venture is a joint effort with QatarEnergy.
Senior Vice President Kathryn A. Mikells has filed a Form 4 indicating she’s no longer bound by Section 16 reporting rules, which mandate insiders report any changes in their holdings. The filing notes Feb. 1 as the earliest transaction date.
After the recent rally, some analysts are dialing back their outlook on valuation. BNP Paribas Exane cut Exxon’s rating to “underperform” from “neutral” on Tuesday, setting a $125 price target, according to Investing.com. Investing.com
The surge wasn’t just Exxon’s story. Chevron climbed roughly 1.8%, while ConocoPhillips added about 2.7% by midday.
That crude boost can vanish quickly. Moves toward U.S.-Iran talks or a faster supply comeback could weigh on oil prices. On the other hand, if refinery labor talks collapse, concerns over supply disruptions would flare up again.
Wednesday’s U.S. oil inventory report is in focus as traders seek clues on demand following recent price swings. Exxon’s key date remains the March target for first LNG production at Golden Pass.
