Exxon Mobil shares fell 0.31% to $165.35 by 12:31 EST on Monday, November 9, as crude oil extended its slide. West Texas Intermediate dropped about 3% to around $87 a barrel, and Brent fell 4% to about $94, after President Donald Trump said renewed strikes on Iran were "highly unlikely" if negotiations made progress. Exxon enters the pullback from strength. Third-quarter adjusted earnings reached $17.5 billion, or $4.23 a share, up from $3.52 in the second quarter. Free cash flow was $19.1 billion. The company returned $9.4 billion to shareholders, including $5.1 billion of buybacks, and plans $20 billion of repurchases in 2027. Net debt fell to $22.1 billion.

ExxonMobil has paused work on its planned Texas hydrogen facility, signalling a rethink of the project timetable. US hydrogen hub plans are moving slowly because of weak demand from buyers and uncertain federal funding. The pause raises questions about the pace of the company's low carbon ambitions. Oil, gas and refining still anchor its cash flow, including third-quarter 2026 net income of $15.4 billion. ExxonMobil, which has a market cap of about $676.6 billion, has enlarged its share repurchase programme to $110 billion. It also pays a quarterly dividend of $1.07 per share. Investors will watch its next outlook or earnings briefing for any change in low carbon spending.

Energy stocks are leading the market again in 2026, but a recovery in oil supply could end the run. S&P 500 energy stocks have gained 42% this year, against 12% for the broader index, excluding dividends. In the 2022 bear market, they returned 65.7% while the S&P 500 lost 18.1%. This year's rally rests on Middle East supply disruptions and high refining margins. The US Energy Information Administration expects Brent crude to fall from $96 a barrel in 2026 to $84 in 2027 if supply routes reopen. ExxonMobil estimates each $1 change in Brent moves its annual upstream after-tax earnings by about $700 million. A $12 drop would mean an $8.4 billion hit. Analysts expect energy sector earnings to fall 7.8% in 2027, while the broader index grows 16.3%.