Exxon Mobil CEO Darren Woods: Recent changes have made us more resilient to operational disruptions

Watch on YouTube ↗  |  May 01, 2026 at 14:50  |  7:24  |  CNBC
Speakers
Darren Woods — CEO, ExxonMobil

Summary

ExxonMobil CEO Darren Woods discusses the company's Q1 earnings beat and its long-term strategy of low-cost production growth. He addresses the impact of Middle East disruptions, particularly the Strait of Hormuz closure, and gives an oil price outlook expecting prices to rise as supply tightens.

  • ExxonMobil reported better-than-expected Q1 earnings.
  • CEO Darren Woods emphasizes a strategy of growing low-cost production independent of oil price forecasts.
  • The Strait of Hormuz closure has impacted about 15% of Exxon's production, but the company redeployed 13 million barrels.
  • Exxon's diversified global portfolio and trading capabilities help mitigate operational disruptions.
  • Woods expects oil prices to respond to the unprecedented supply disruption once inventories run down.
  • Deferred profits from hedging and physical delivery timing will benefit future quarters.
  • The company continues to expand refining capacity and LNG exports.
Trade Ideas
Darren Woods CEO, ExxonMobil 0:48
Exxon resilient due to low-cost production.
ExxonMobil's strategy since 2018 has focused on growing low-cost production regardless of oil prices, leveraging a diversified global portfolio and unique capabilities. This approach makes the company resilient to operational disruptions like the Strait of Hormuz closure and allows it to remain profitable across market cycles, as demonstrated by its first-quarter earnings beat.
XOM MED
Darren Woods CEO, ExxonMobil 6:15
Oil prices to rise on supply disruption.
The closure of the Strait of Hormuz is an unprecedented supply disruption. As inventories and strategic reserves are drawn down, oil prices will respond over time, likely rising once the strait reopens and supply chains rebalance. The impact will be delayed but material.
WTI HIGH
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This CNBC video, published May 01, 2026, features Darren Woods discussing XOM, WTI. 2 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Darren Woods  · Tickers: XOM, WTI