ExxonMobil CEO Highlights Focus on Diesel Production
Dow Jones10-30 23:45
1145 ET - With fuel prices rising amid geopolitical tensions, ExxonMobil CEO Darren Woods says the company is focused on churning out diesel. "Frankly, diesel is the key crunch point here because it is so critical to economic growth and [has] very inelastic demand," Woods says during an appearance on CNBC. "The demand for diesel remains high despite the capacity." Woods says the company is at record levels of utilization for its refineries, and the yield of diesel across its global refining footprint is at record levels. In North America, the company is producing record diesel volumes, he adds. "It's all been a function of trying to drive more product into the marketplace to meet that demand and to drive costs down."
At the request of the copyright holder, you need to log in to view this content
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments