ExxonMobil CEO Darren Woods: There's a disconnect between crude prices and pump prices

Watch on YouTube ↗  |  July 31, 2026 at 13:01  |  8:15  |  CNBC
Speakers
Darren Woods — CEO, ExxonMobil

Summary

ExxonMobil CEO Darren Woods discusses the company's Q1 earnings and its ability to perform in any market environment. He explains that a refinery capacity shortage is driving a disconnect between crude oil and pump prices, expects crude prices to rise once supply chain bottlenecks ease, and criticizes upcoming EU methane rules as unworkable. Exxon is also in talks with Venezuela over heavy oil investments.

  • ExxonMobil demonstrated resilience in Q1 despite volatile oil markets.
  • Refinery capacity constraints, not crude supply, are keeping pump prices elevated.
  • Crude oil is seen poised to rise once the Strait of Hormuz reopens and product flows normalize.
  • Middle East supply disruptions remain a key medium-term uncertainty.
  • EU methane regulation may halt oil and gas imports into Europe from 2027.
  • Exxon is exploring heavy oil investments in Venezuela using its technology edge.
  • The CEO emphasizes Exxon's business is built to thrive in both high and low oil price environments.
Ideas
Darren Woods CEO, ExxonMobil 0:42
ExxonMobil resilient in all price regimes.
ExxonMobil has demonstrated this quarter that irrespective of where markets move, the company is ready to respond. Its business model allows it to be successful in both high and low oil price environments, making the stock a resilient holding regardless of commodity volatility.
XOM MED
Darren Woods CEO, ExxonMobil 7:59
Crude oil to rise after capacity eases.
The current disconnect between crude oil and pump prices is caused by refinery capacity constraints. Once those constraints ease (Strait of Hormuz reopening, China export additions), the link between crude and product prices will reestablish, and crude prices should begin to rise. This sets up a medium-term bullish opportunity in crude oil, though timing depends on geopolitical and logistical developments.
WTI MED
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This CNBC video, published July 31, 2026, features Darren Woods discussing XOM, WTI. 2 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Darren Woods  · Tickers: XOM, WTI