Exxon CEO Says Diesel Is The ‘Key Crunch Point’ In Global Fuel Shortage – Oil Giant To Continue Investing ‘Several Billion Dollars’ In Refineries

• Woods said Exxon’s refineries are operating at record utilization levels and diesel yields are at record highs.
• Expects to increase distillate throughput by about 100,000 barrels a day, Woods added.
• Exxon reported Q3 revenue of $113.16 billion, beating analyst estimate of $105.24 billion, according to Fiscal.ai

ExxonMobil (XOM) CEO Darren Woods said on Friday that global diesel supplies remain under severe pressure as geopolitical conflicts disrupt refining operations and fuel shipments, driving prices higher.

In an interview with CNBC, Woods said Exxon is operating its refineries at record levels to maximize fuel production amid tight global supplies.

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“And frankly, diesel is the key crunch point here, because it is so critical to economic growth. Demand for diesel remains high despite capacity,” Woods said, adding that Exxon has focused heavily on maximizing refinery throughput, with refineries operating at record utilization levels and diesel yields reaching record highs.

XOM shares were up 1.9% at the time of writing, hitting an all-time high.

Exxon To Continue Investing Billions In Refineries

Woods pointed to the closure of the Strait of Hormuz amid the U.S.-Israel war with Iran, along with Ukrainian attacks on Russian refineries, as major disruptions to global fuel supplies.

“Refining capacity is very tight today,” Woods said, adding that while crude oil supplies have somewhat recovered, refining capacity remains the biggest constraint, limiting the availability of diesel and other refined products.

Woods said Exxon will continue to invest “several billion dollars” in refineries to get more diesel out into the marketplace. “Our expectation is, we’re going to increase distillate throughput by about 100,000 barrels a day, as we go forward,” Woods said.

Exxon reported third-quarter (Q3) revenue of $113.16 billion, beating Wall Street estimates of $105.24 billion, according to Fiscal.ai. Adjusted earnings per share reached $4.23, exceeding expectations of $4.04. The company also declared a dividend of $1.07 per share, payable December 10.

Exxon’s peer Chevron (CVX) also posted an earnings beat earlier in the day.

Retail Remains Bullish On XOM

Retail sentiment surrounding XOM on Stocktwits remained ‘bullish’ over the past 24 hours.

XOM shares are up more than 53% so far in 2026.

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