“From our perspective, we think we're going to continue to see a very robust refining market with very high margins.”

In context

“Darren Woods (Chairman and Chief Executive Officer (CEO)): Yes. Neil, I'll start and then hand it over to the other Neil. As I mentioned this morning, we are a very large refinery, much larger than any of the other IOCs. In fact, we're the number two in size in the world behind China and, outside of China, we are the largest refinery. So we've got a good footprint. And as you know, we spent the last 10 years really focused on optimizing that portfolio, divesting refineries that we didn't feel like we could move to the left of the cost of supply curve and then investing in those refineries that we felt had long-term strategic value and high-grading the yield on those refineries. So today, we have a portfolio that will be very successful in low-margin environments and then, obviously, in higher-margin environments, even more successful. The organization is now very focused in the short term, with these significant constraints in product flow, on maximizing production and getting the most needed products to the market and meeting customer demands where it's such a critical need today that's not being met. I see that, frankly, the challenge here is, with the Strait closure, we've got about roughly 3 million barrels a day of capacity that's not available to the marketplace. China has stopped exporting. There's another couple of million barrels a day of refining capacity that is not available to the market. And then, of course, Ukraine has been pretty effective at taking Russia refining capacity out, and so another 1 million barrels a day or so of Russian refining capacity that in the past was providing product to the broader market. So with all that supply out, we're well below available capacity, frankly, that I've ever seen. If you exclude COVID, where there was no demand, I've never seen the available capacity relative to demand as low as it is today. It's going to take a while for the industry to kind of climb its way out of that hole. From our perspective, we think we're going to continue to see a very robust refining market with very high margins. Of course, our job will be to continue to push as hard as we can to maximize production and try to meet that need because we do recognize that these high margins lead to high product prices, which we also know has a significant impact on consumers and people's pocketbook. So we're doing our best to put as much product out there as we can. I think you see that in the results. I'll just touch on the mix issue and what you're seeing at other refiners versus ExxonMobil. Nobody has the portfolio that we have. Nobody has the mix that we have. Nobody has the geographic footprint. So there's a lot more mix and variability that kind of happens around the market than maybe a standalone U.S. refiner or some of these more narrowed refinery companies. But with that, I'll see if Neil has got anything else to add.”