XOM · Earnings call · 2026Q3T · Full report

Global Refining Supply Constraints

ExxonMobil Holdings Corp · 2026-10-30 · Importance 26 · Surprise 24

Management described shortages of crude, diesel, gasoline, and other finished products amid disruptions to trade flows and refining capacity. Woods estimated that about one-third of the product shortage reflected the inability to move clean products from the Middle East to world markets, while roughly half of Russia’s refining capacity was offline and Russia had shifted from net exporter to net importer of clean products. He said China could potentially increase refinery runs and exports, but expected markets to take well through the following year to move closer to normal, possibly longer. Hansen said ExxonMobil’s refineries were operating at around 84% utilization, with Gulf Coast crude units around 100%, enabling the company to add supply.

Key facts

• ExxonMobil estimated that roughly half of Russia's refining capacity had been taken offline.
• ExxonMobil expects it will take well through next year for refining markets to get closer to normal, and normalization could take longer.
• ExxonMobil estimated that roughly one-third of the product shortage was due to the inability to move clean products from the Middle East to world markets.