Exxon Mobil shares declined during Thursday's morning session, shedding 0.8% to reach $154.31. The movement coincided with the stock trading ex-dividend for a quarterly distribution of $1.03 per share, scheduled for payment on March 10. This technical adjustment often results in a share price decrease approximately equal to the dividend amount as the right to the upcoming cash payment is removed.
Energy Market Pressures
Broader energy markets provided additional headwinds. Brent crude futures retreated 0.6% to near $69 per barrel, while U.S. West Texas Intermediate crude fell 0.5% to around $64.33. The price weakness followed a report from the International Energy Agency, which trimmed its 2026 global oil demand growth forecast. The agency now projects demand will increase by 850,000 barrels per day this year. Furthermore, U.S. crude inventories surged by 8.5 million barrels last week, significantly exceeding analyst expectations.
The IEA's monthly report also indicated that global oil supply is expected to outpace demand by 3.73 million barrels per day in 2026, a surplus that could pressure prices if sustained. The agency noted OPEC+ has paused planned output increases for the current quarter, with key members scheduled to convene on March 1.
Diverging Sector Performance and Strategic Moves
Energy sector performance was mixed. Chevron shares edged down 0.3%, while ConocoPhillips advanced 0.5%, suggesting Exxon's decline reflected company-specific factors alongside broader sector sentiment. Separately, Exxon announced an expansion of its collaboration with Infosys to deploy ExxonMobil's data center immersion cooling fluids alongside Infosys's artificial intelligence and cloud platforms. The partnership aims to reduce energy consumption and carbon emissions in digital infrastructure.
Market observers caution that trading around ex-dividend dates can distort short-term price signals. The sector remains sensitive to geopolitical developments affecting crude supply and further demand revisions. Investors are anticipated to scrutinize Exxon Mobil's upcoming "Company Overview and Investment Case" presentation, scheduled for February 20, for updated guidance on supply, demand, and capital allocation strategies.
