Oil conglomerate Exxon Mobil (XOM) is taking strides to restart the country's second-largest oil refinery in Baytown, TX. following the devastating impacts of Hurricane Harvey, while also taking precautionary measures as Hurricane Irma threatens the Gulf.
"It's very difficult to predict exactly when all those units will be back up and we'll be back on our full load. But we're making good progress. We're hoping to get some units started up later this week, and then it will be one unit after another," Exxon CEO and Chairman Darren Woods told CNBC's "Squawk Box."
Woods added that the process is expected to last for the "next several weeks" as "significant impacts" and "lots of flooding" ravaged the Baytown refinery, which produces 363,000 barrels per day.
Exxon has yet to quantify what the impact on its third-quarter earnings results the storm had, Woods added. However, he reassured investors it would not hinder the company's capital spending plans.
"We're working through what the financial impacts of that will be, and as we get further along in this recovery process we'll have a better read of that," he said.
Now, Exxon's attention is focused on the Category 5 Hurricane Irma, which is making its way towards Florida. The oil giant is ensuring that its distribution systems in Florida are equipped with enough fuel inventories to supply drivers returning to the area once Irma passes.
"We're not trying to second guess where that storm will be. Instead we're trying to be prepared across the board so that irrespective of where it lands, we've got fuel where we're going to need it," Woods said.
But, unlike Harvey, Woods does not anticipate Irma to impact its offshore Gulf of Mexico oil productions.
Shares of Exxon Mobil were inching lower in mid-morning trading on Thursday.
Stick with TheStreet for updated Irma coverage:
- Hurricane Irma Has Sent Airline Ticket Prices Skyrocketing
- Miami Orders Mandatory Evacuation as Hurricane Irma Bears Down on Florida
- Hurricane Irma: How Floridians Are Using Tech, Apps to Prepare for the Big Storm
- Hurricane Irma and The Waffle House Index: Why It Has Amazing Predictive Powers
- Bahamas Hyatt Hotel to Guests: If Hurricane Irma Hits, Get Out
- 5 Twitter Accounts To Follow During Hurricane Irma