New York, January 26, 2026, 11:48 (EST) — Regular session
- Exxon shares slipped about 0.5% following the shutdown of units at its Baytown, Texas facility due to a Gulf Coast freeze
- Kazakhstan says production is restarting at the vast Tengiz field, but early output appears modest
- Oil prices hold steady ahead of the Feb. 1 OPEC+ meeting and upcoming U.S. inventory data.
Exxon Mobil shares dropped 66 cents, or 0.5%, to $134.31 in late morning trading Monday. Concerns over weather-related setbacks in Texas and uncertainties surrounding the restart of a key oilfield in Kazakhstan weighed on investors.
Exxon’s Gulf Coast operations drive much of its refining and chemicals earnings, so any unexpected shutdowns hit supply and margins fast. The company said it was shutting down units at its Baytown, Texas petrochemical complex as a deep freeze paralyzed the region. That complex includes a 564,440-barrel-per-day refinery — barrels per day is the usual capacity benchmark — along with chemicals and olefins plants.
Kazakh officials and industry insiders describe a slow restart at the sprawling Tengiz field after it went offline on January 18, casting doubt on how fast output can recover. The government said Prime Minister Olzhas Bektenov met with ExxonMobil VP Peter Larden, urging the company to accelerate efforts to fix the outage. Exxon holds a 25% share in the Tengizchevroil joint venture, which is led by Chevron.
Oil prices remained largely unchanged as the market awaits any supply updates that might tighten physical flows. Brent futures edged down 0.1% to $65.81 a barrel. Meanwhile, U.S. West Texas Intermediate dropped 0.2% to $60.94. Priyanka Sachdeva, senior market analyst at Phillip Nova, pointed out that winter storm Fern struck the U.S. coast, adding extra pressure on the power grid.
The weather-fueled premium is bumping into OPEC+ politics. Three OPEC+ delegates told Reuters the group intends to keep its oil output freeze in place for March at the February 1 meeting, even after oil prices surged 8% this month.
Chevron’s stock inched higher by about 0.4% in U.S. trading, after Exxon’s gain.
Exxon’s XTO Energy unit is seeking buyers for select Eagle Ford shale assets in South Texas, an Exxon spokesperson confirmed to Reuters. The portfolio spans about 168,000 net acres, with sources estimating its value at over $1 billion, the report said.
The precise fallout from Baytown and Tengiz is still murky. Exxon hasn’t detailed which Baytown units are shut or how long they’ll be down. Meanwhile, the restart timeline in Kazakhstan is uncertain. The outcome could swing quickly to recovery or drag on longer than expected.
Traders will focus on U.S. crude and fuel stockpiles Wednesday as the Energy Information Administration publishes its weekly petroleum status report at 10:30 a.m. ET. These figures tend to sway oil prices, especially given the recent volatility in refinery activity.
Exxon’s upcoming big date is its quarterly earnings release on Friday. The oil giant said it will share its fourth-quarter 2025 figures on January 30, with a conference call set for 8:30 a.m. CT featuring CEO Darren Woods and CFO Kathy Mikells. Neil Hansen is set to step in as CFO starting February 1.
