Exxon’s refining margins were down in 3Q, but CEO Darren Woods says on a call with analysts that the oil giant is fundamentally changing its approach to its refining process in order to optimize its operations. The company’s cost-savings push, which has resulted in $11.3 billion in cost cuts since 2019, is helping to achieve this goal, he says: “A great example in the refining business has been centralization of the maintenance approach that we’re doing, not just in turnarounds but in our routine day-to-day maintenance.” This move has added value and lowered costs through consolidation and effective execution, Woods says. The company’s 3Q profit falls on lower energy prices and narrowing margins.