Yeah. That's true for any of the areas of our portfolio where we've got, you know, a substantial business today and ongoing technology work to make advances. Mr. Woods joined Exxon Company International in 1992 as a planning analyst in Florham Park, New Jersey. Kathryn A. IRVING, Texas-- ( BUSINESS WIRE )--Exxon Mobil Corporation said today that Lawrence Larry W. Kellner and John D. Harris II have joined its board of directors. Mr. Berges, 46, most recently served as CFO for Cheops Technology nv/sa, an industry-leading managed service provider in secure IT infrastructures and cloud Shaw got two new directors installed on the 12-person board. We care about health and safety, and protecting our employees and neighbors. The Foundation of Our Success. ET. The California Public Employees Retirement System is recruiting for a chief technology officer (Career Executive Assignment) to direct and oversee enterprise technology infrastructure services across all of CalPERS retirement, health and investment programs. Homer Bhullar is Vice President Investor Relations and Finance. Thank you, Darren. The US energy firm said cost-cutting measures also contributed to its record $11.4bn (9.1bn) first-quarter profits, up from $5.5bn a year earlier. It's really a question of how do we optimize and maximize the value, and that's been the focus from the very beginning and continue to be one. Exxon Mobil's compensation committee approved an increase in the annual salary of Chief Executive Officer Darren Woods to $1.88 million from $1.70 million this And so, it's really about making sure that what we do there is sustainable for the long term. And I think that's what you saw in the first quarter, and then these more macro impacts, we'll see how that plays out as we go forward. She previously served as Senior Vice President-Information Services for Valero, managing the companys Information Systems Development, Support and Infrastructure teams. ET. I would say we haven't changed our year-end targets, and so the guidance that we gave as part of the corporate plan discussion last year continues to hold. Today's call is being recorded. The CTO aligns services responsible for computer operations and production, Materialise NV Announces New Chief Financial Officer And so, that marginal tier of production is a lot more expensive than it's been historically, and that's going to keep, I think, pressure on higher prices for the globe and, therefore, better margins if you're producing outside of Europe. So, just wondering if you could remind us, you know, sort of on a mid-cycle basis how to think about, you know, and how the board thinks about dividend growth because, certainly, you've de-risked some of those foundational earnings. I suspect -- expect we'll still see some of that to come on here in the short term. Thank you so much. Quite a dynamic market. WebCheryl Thomas serves as Senior Vice President and Chief Technology Officer, with responsibility for the companys information services network and related technology. Massachusetts Institute of Technology. Locke has since served in leadership roles over Strategic Planning, Public Policy, and Communications. Stock Market | FinancialContent Business Page Jason Gabelman -- Cowen and Company -- Analyst. The question is obviously when, but that will come. ExxonMobil technologist Stephanie Westbrook discusses the companys efforts to scale up advanced recycling and her role in making it happen. He began his career at Valero as a Process Engineer at the McKee refinery and subsequently held management positions including General Manager-Process Engineering, Director-Supply and Optimization, Vice President-Refinery Planning and Economics, Senior Vice President-Crude, Feedstock Supply and Trading, Senior Vice President-Refining Operations and Executive Vice President-Refining Operations and Engineering. And then, you know, clearly, we're looking to share our success with shareholders, and you see that through a more consistent share repurchase program and a growing dividend. Independent and Diverse Board of Directors. Schmeltekopf joined Valero in 2003 as Executive Director of External Reporting. I just wanted to follow up on trading because there's been various press reports about Exxon wanting to build up its capabilities in asset optimization and trading. Sure, I'll take that. I think, you know, the first comment I would make is, you know, over some period of time, it's typically pretty short, the world balances. Simmons has a Bachelor of Science degree in chemical engineering from the University of Oklahoma and a Master of Business Administration degree from University of Texas at San Antonio. Darren W. Woods Chairman and Chief Executive Officer Kathryn A. Mikells Senior Vice President, Chief Financial Officer Neil A. Chapman Senior Vice President Jack P. Williams Senior Vice President Angela F. Braly Director Steven A. Kandarian Director Gregory J. Goff Director Thanks. In 2013, he transferred to Valero's Investor Relations department, before earning promotions to Vice President and ultimately Corporate Officer. Mr. Chapman returned to ExxonMobil Chemical Company in 2011 as senior vice president in charge of the companys global polymers businesses. Today's call is being recorded. Fisher has served as President of European Commercial Operations, and in leadership roles in Investor Relations, Corporate Communications, Strategic Planning and Corporate Development. And, you know, in recent history, it's certainly true that we ran fairly lean on cash. The digital watchtower - the importance of cybersecurity in the energy industry. Simmons joined Valero in 1987 and began his career as a Process Engineer at the Ardmore refinery and held many leadership positions including Executive Director-Regional Development, Vice President and General Manager of the Ardmore refinery, Vice President and General Manager of the St. Charles refinery, and Vice President-Planning and Economics, before being promoted to his current position. In 2005, he was appointed vice president of ExxonMobil Chemical Companys global polyethylene business. We'll go next to Roger Read with Wells Fargo. Riggs earned his Bachelor of Science degree in chemical engineering from the University of Oklahoma and his Master of Business Administration degree with an emphasis in finance and economics from West Texas A&M University. Bhullar joined Valero in 2014. Chief Anjani Kumar has joined Tata AIG General Insurance Company Limited as Chief Technology Officer (CTO) and EVP. Experience Chief Technology Officer ExxonMobil Jan 1999 - Present 24 years 4 months. And so, even though the market has been tough, that project actually had a positive earnings and cash flow contribution for us in the quarter. We'll go next to Doug Leggate with Bank of America. I just would make the final point that, you know, as we look at that -- at divestments, it is a value proposition. 1LIFE HEALTHCARE INC. If you look overall at where our number of -- I'd say different programs are driving savings for us. San Antonio, TX 78249 The progress we're making across the company is underpinned by the continuing evolution of our business model. And so, that -- the Europe set is the price setter for global markets ex-transportation. John Locke is Vice President and Treasurer. ET. Darren, can I ask, in Mozambique, Total seems to be optimistic about the security on the ground. ExxonMobil Yeah. And so, that platform gives our traders a great base to optimize off of. Darren, you've spent a lot of time in the refining business over the years, and you've had a perspective on these calls that margins were going to start to normalize, and we're seeing some indication of that. In 2005, Mr. Woods was appointed vice president of ExxonMobil Chemical Company in Houston, Texas, where he managed global specialty-chemical businesses. Dec. 22, 2020, Who we are Reinhart was promoted to Executive Director-Corporate Communications, directing internal and external messaging, and advanced to Vice President-Corporate Communications in 2010. So, that was a help in the first quarter, some of that feed optimization, and that'll play into it as well. And, you know, if there's any thought around kind of the absolute level of cash today and really what's optimal. Cash flow from operations totaled $16.3 billion and our net debt-to-capital ratio declined to 4%, further increasing the strength of our balance sheet while supporting shareholder distributions of $8.1 billion in the quarter, including $3.7 billion in dividends. Who we are So, you know, right now, we're not incurring a negative cost of carry on that cash balance, and that's certainly one of the things that we look at as well. Thanks for joining us today. Where we're at now is that capacity is out there and on, and it's just a question of where demand goes. But in 2021, Exxon Mobil Chairman and CEO Darren Woods faced a rebellion from his board. Chief Technology Officer (CTO Accenture Names Bhaskar Ghosh Chief Strategy Officer 1 Valero Way Can you give us a -- thank you. So, we do like the progress that we've seen there. And I have every expectation that the capacity that we brought on in Beaumont will peak -- or I know it's on the far left-hand side of the cost of supply curve, so, I feel pretty good about its competitiveness. Also, please remain on the line in case we need to ask any clarifying questions. Thanks for taking my question. And, you know, we obviously have an advantage in a very heavy U.S. Gulf Coast footprint kind of relative to the global footprint, and that helped us in the sequential improvement in margin. And the final point I'd make to build on what Kathy said is we have seen, with all these organizational changes, as our people have come together in the new organizations and focused on the objectives of those organization and what the corporation is trying to achieve, we find a lot more opportunities than we could envision even going into the changes. So, that gives you, I'd say, a little bit of a characterization of where savings are coming from. I'll go ahead and take that, Sam. We're always looking for an opportunity for an acquisition and one that grows value and it's got to be value-accretive. I'll try and circle around that kind of suite of questions for you, Roger. And to the extent that we're very active in the Permian, we've got a really good anchor business there, and we're working real hard on opening up the value proposition of our current acreage with technology, that will open up, potentially, opportunities for acquisitions. In early April, we announced a long-term agreement with Linde to capture, transport, and permanently store up to 2.2 million metric tons of CO2 annually. I would say our assessment is very consistent with Total's assessment. He earned his undergraduate degree in economics from Texas A&M University and his Juris Doctor from the University of Texas School of Law. We will post the transcript of our Q&A session on our new investor website in a few days. Education In 2014, Mr. Woods was elected senior vice president of Exxon Mobil Corporation. He is a native of Stoke-on-Trent, England. We are committed to being an outstanding corporate citizen and employer, ESG: Environmental, Social and Governance. You know, it's important for us to have a really strong balance sheet in order to ensure that, you know, we stick to our capital allocation priorities through the cycle, right? That's right -- theythink these 10stocks are even better buys. I know I'm kind of asking three questions in one, but they're all focused right around the 7 to 9. So, if economic activity is constrained, then chemical demand is constrained. ExxonMobil announces first quarter 2023 results IRVING, Texas April 28, 2023 Exxon Mobil Corporation today announced first-quarter 2023 earnings of $11.4 billion, or $2.79 per share assuming dilution. He earned his Bachelor of Business Administration degree from the Business Honors Program at the University of Texas at Austin, and his Juris Doctor from Harvard Law School. If you look at the quarter, you know, we more than offset inflationary cost pressure with the structural savings that we were able to generate. As you know, it's very tied to economic activity. And then with Mozambique, obviously been on hold for a while given some of the challenges there, and we'll continue to keep a close eye on that. Our expectation is that we'll continue to, I think, differentiate our production and what we're able to do versus many of the others -- many of our other competitors who started off on this best bench, high initial production rates. The last point I'd make on refining margins, which I think is somewhat structural, typically, the marginal barrel in refining comes out of Europe. ExxonMobil ExxonMobil is moving its headquarters to the Houston area as part of a major reorganization that will put its engineering and technology support staff in one unit. As I said earlier, that has historically come out of Europe, and their cost structures have increased, and so that marginal barrel is now higher, which is underpinning higher Gulf Coast refining. This is not about going out and taking speculative positions. Thank you, Mrs Driscoll. We've seen a lot of capacity coming on. And as you move in the value chains, the opportunity to trade along that value chain and generate insights and advantage along the value chain changes pretty dramatically. Stock Market | FinancialContent Business Page Our global projects organization would be a great example of that. You're adding base capacity downstream. Executive Team Prior to that role, Thomas served as Vice President of Retail Operations Support and Vice President of Retail Information Systems. And as a reminder, we would like you to limit yourselves to a single question. Gorder earned a bachelors degree in business administration from the University of Missouri-St. Louis and a masters degree in business administration from Our Lady of the Lake University. ExxonMobil (XOM) Q1 2023 Earnings Call Transcript Chief Technology Officer Exxons Humbling Fall From Oil Juggernaut to Mediocre Company Additional information on the risks and uncertainties that apply to any forward-looking statements are listed in our most recent Form 10-Ks and 10-Qs available on our website for investors. The increase more than offset our divestments in the expropriation of Sakhalin-1, which we no longer account for, but which, importantly, remains part of global supply. Westport Fuel Systems Welcomes New Executive Vice President That -- I think -- you know, we've been developing that approach, fine-tuning it, you know, testing it, and evolving that concept. July 19 (Reuters) - Exxon Mobil Corp's (XOM.N) new chief financial officer Kathyrn Mikells is the first woman and external hire to join the oil major's management WebWe believe that this technology will address one of the largest environmental challenges of today, CO 2 emissions from industrial and commercial exhaust streams and power generation, said Jason Few, President and Chief Executive Officer of FuelCell Energy. Well, I think if you look at the plans we set ourselves, I think, back in 2018, where we talked about, particularly in the upstream, increasing our divestments and taking a very thoughtful approach there, making sure that we were positioning ourselves that when the market was right and we had interest from buyers that we had assets ready to sell and divest has worked fairly well. Now, let me cover the quarter's headlines. Is there some sort of portfolio effect in here that we should be picking up and how does that rate through the year do you think? And so, you've seen us in the last two years raise the dividend in the fourth quarter of the year. Exxon Mobil Chief Technology Officer Former EVP of Development at Epic Games will lead innovation and technology strategy for Yuga's next stage of growth. ExxonMobil said the rise in profits included a $3.4bn after-tax reduction to exit Russia. And what we just announced is taking the trading organizations that today are somewhat dispersed through the organization and consolidating those into one centralized trading organization for the whole of the corporation. Bill Keillor - Vice President, Global Information Technology Corporate and affiliate officers | ExxonMobil IRVING, Texas April 28, 2023 Exxon Mobil Corporation today announced first-quarter 2023 earnings of $11.4 billion, or $2.79 per share assuming dilution. Koen Berges to Succeed Johan Albrecht. Apr 24 2023 - Wilmington, MA. Effective On May 1st, two new enterprisewide organizations will be up and running. I think you're going to see some movement in that up and down. We'll go next to John Royall with J.P. Morgan. There is a unique value proposition there, and then my view would be we'll leverage that to the full extent that we can. FuelCell Energy Takes Step Toward Commercializing Carbon Obviously, the first I would make is we don't really pride ourselves on being able to forecast margins. What I would say is as you look at where we're at today, I mean, this is seasonally a low point as you head into second quarter then third quarter and driving season, when you tend to see supply and demand tighten up and margins improve. And I think I'll just -- you know, I'll catch that with, historically, you know, Exxon had kept a very lean balance sheet on both sides relative to sort of the production base and the cash flow base. So, you know, that's a big part of our overall strategy and mixing up in both the chemical business and across our product solutions business, and we feel very good about the results that's bringing. I don't, frankly, see that changing in the short term. We certainly saw that coming out of the pandemic with some of the logistics constraints. Good morning. He oversaw all commercial trading and related activity for the company, including Crude and Feedstock Supply and Trading, Products Supply and Trading, Wholesale Marketing, Logistics Operations, Commercial Business Development, Transportation and Specialty Products Marketing. Mike Seavers Joins Yuga Labs as Chief Technology Officer. Europe, by contrast, policy approach remains far more prescriptive and punitive. My view is success in technology and developing proprietary technology, which improves either resource recovery or the cost of developing that resource, whatever that is, whatever value lever our technology can bring to the table, that obviously opens up deals space. He also holds a Master of Business Administration degree from Northwestern's Kellogg School of Management in Evanston, Illinois. Schmeltekopf graduated Magna Cum Laude with a Bachelor of Business Administration degree from Texas State University in 1987. Mike Seavers Joins Yuga Labs as Chief Technology Officer In 2014, Mr. Chapman was awarded an honorary doctorate by his alma mater, the University of Surrey. Prior to Valero, Bhullar was an Investment Banker focused on the Energy sector at J.P. Morgan and Citigroup. Mr. Berges, 46, most recently served as CFO for Cheops Technology nv/sa, an industry-leading managed service provider in secure IT infrastructures and cloud computing, where he was also a member of the groups Executive Committee. Coinbase chief legal officer Paul Grewal on company's heated Am I wrong in that, or is there -- any color would be helpful. Throughout his career with Valero and UDS, Lashway has held critical leadership positions in the commercial and corporate development groups, and has been an integral part of key transportation and logistics projects, including the initial public offering of Shamrock Logistics L.P., the predecessor to NuStar, and its acquisition of Kaneb Pipe Line Partners L.P. Julia Rendon Reinhart serves as Senior Vice President and Chief Human Resources Officer, responsible for Valeros human resources operations companywide as well as global security, facilities and administrative services. I'll start that, then, Kathy, if you got anything to add to it. Our presentation and prerecorded remarks are available on the new investor relations section of our website. Exxon Mobil Corporation officers. In this role, Alan will identify and work to advance the next-generation technologies that will disrupt and shape the semiconductor industry and its markets. We got high gas prices in Europe with, I think, the potential to go higher. Good morning. I think just I'd speak to maybe the LNG portfolio as a whole. Mr. Woods is currently chairman of the National Petroleum Council, and he serves on the board of directors of the American Petroleum Institute and the board of trustees of the Center for Strategic and International Studies. Marty Bray - Chief Technology Officer - ExxonMobil | LinkedIn Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. Former EVP of Development at Epic Games will lead innovation and technology strategy for Yuga's next stage of growth. Other past positions include oversight of the companys North Slope and Cook Inlet interests in Anchorage, Alaska; deputy production manager for the companys South China Sea operations in Malaysia; two years in the U.S. upstream planning organization; operations superintendent for the company's East Texas field areas; and operations manager for the companys Gulf Coast and offshore California properties. And I think we're striking a pretty even balance in that regard. Chief Technology Officer Amazon.com Inc. is pulling the plug on its line of Halo health devices as Chief Executive Officer Andy Jassy seeks to Meet Our Executive Team | Valero I think that that completes our queue. Combining our engineering and research kind of groups collectively together. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Yeah. I would just also mention that we're in a relatively unusual market environment compared to what we've seen in the past. And so, I think, you know, our organizational construct today gives us a much better line of sight and opportunity to optimize in the trading space. You've got high carbon prices in Europe. Thanks very much. Darren W. Woods Chairman and Chief Executive Officer Kathryn A. Mikells Senior Vice President, Chief Apr 28, 2023, 8:00 a.m. A public charity and Valero's philanthropic arm. And at this time, I'd like to Results included unfavorable identified items of approximately $200 million associated with additional European taxes on the energy sector. If I put that to the side, the company has run about, I'll call it, 19 billion, 20 billion annually in depreciation and amortization. A couple of points, I think, as we're looking at the refining margin. You saw sequential margin improvement in your chemicals products business driven by advantaged ethane pricing. At Premcor and its predecessor, Clark Refining & Marketing, he also held positions in strategic planning, mergers and acquisitions, and planning and economics. In 2006, Mr. Chapman served as executive assistant to the chairman of Exxon Mobil Corporation and in 2007 as president of ExxonMobil Global Services Company. You know, that's part of an overall strategy of growing performance chemicals, along with growing high-value products across our product solutions business, be it performance chemicals or low-emission fuels, high-value lubes. A significant contributing factor was structural cost savings that now total approximately $7.2 billion. If You Do This, You Won't Have to Worry About Them, 1 Trillion-Dollar Growth Stock Down 28% You'll Regret Not Buying on the Dip, Join Over Half a Million Premium Members And Get More In-Depth Stock Guidance and Research, Copyright, Trademark and Patent Information. The Motley Fool has no position in any of the stocks mentioned. So, on the Beaumont expansion, can you talk about how the capacity is being absorbed in the market? WebChief Technology Officer @ ExxonMobil; Executive Agent @ Firmdrex , , , , Not the Asger Michael you were looking for? Darren, I wonder if I could kick off first on disposals, another reasonable contribution from noncore asset sales. How kind of general inflation within not just the oil field but, you know, in general, how that's affecting that? And then when those turnarounds are finished and capacity comes back out, you get a surge of supply. Jason Fraser serves as Executive Vice President and Chief Financial Officer. And that -- the value of that opportunity will manifest itself in our business. But if you go further back to some of the really high cycles, we carried more cash, and it reflected the commodity cycle and the nature that, typically, we're bringing in a lot of cash at the top of the commodity cycle. Spotify Chief Goes to Washington in His Crusade Against Apple Sure. And frankly, I think it's early with China. ExxonMobil Prior to Valero, he worked for ExxonMobil in refinery operations. Koen Berges to Succeed Johan Albrecht. He was earlier associated with Nissan Motor Corporation, Collabera, Safexpress Private Limited, IBM and Cognizant Technology. But one that is very focused on significantly growing the value proposition there, really around our footprint. [Operator instructions] We'll go first to Neil Mehta with Goldman Sachs. He has significant leadership experience at Valero, having served as General Counsel, as well asSenior Vice President with oversight of Valero's public policy, strategic planning, governmental affairs, investorrelations and external communications functions. Thanks for taking the question. Prior to Bracewell, she practiced law at Troutman Sanders in Atlanta, with a short secondment to CNN as in-house labor and employment counsel, and the State of Georgia as an Assistant State Attorney General. She was promoted to Vice President-Human Resources and Administration in November 2015, and to her current position in January 2019. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. I've talked about that in the past. And so, that's a big area of savings for us, and that's another organization that we have recently centralized in our global operations and sustainability group. While the role can vary depending on the size of a company, a CTO typically: Oversees all aspects of technology within an organization; Establishes the various roles within the IT department; Creates policies around technology infrastructure Karen McKee, formerly president of ExxonMobil Chemical Company has been appointed to lead ExxonMobil Product Solutions. CIO. We'll go next to Jason Gabelman with TD Cowen. We plan to build on our record 2022 results, leveraging the unique insights we gained from participating across each of our value chains and all along their entire length, with a global operating footprint larger than any of our competitors. Exactly what we're seeing today.
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