We work very closely with Total, obviously, given the same exposures and the work that we're doing there together, so, I would tell you, it's kind of a hand-in-hand approach that we're taking there, sharing information. And so, I would just think of it as a progression, a continuation with what we believe is huge opportunity, and we're going to do that in a very thoughtful controlled pace. So, my expectation is, you know, we've got an inventory of things going forward and would expect to see, in my mind, kind of consistent rate of being out in the market and basically finding -- seeing if we can find buyers who have a higher use for the assets than we do and, therefore, a better value and, therefore, give space. She has played a key role in restructuring Valeros Information Services Department and integrating recently acquired assets into Valeros complex systems. It's got to be one where what ExxonMobil brings to the table actually increases what either company would do independent of one another. My sense of things is, you know, if you go look back last year and the export levels coming out of China and the balances in Asia, that stayed reasonably tight. Materialise NV (NASDAQ: MTLS), a leading provider of additive manufacturing software and sophisticated 3D printing services, today announced that Koen Berges has been named the companys new chief financial officer effective Thanks for joining us today. Our global projects organization would be a great example of that. I'd say specifically and working through project concepts and designs and making sure that we're developing projects that are going to be on that left-hand side of the cost of supply curve, and bringing on production is very competitive in the marketplace to make sure that, for the long-term, we have a robust supply point there. Dec 5 (Reuters) - Exxon Mobil Corp (XOM.N) is raising the annual base salaries of its top boss and other executives for next year, the largest U.S. oil company said on Monday. Sure, I'll take that. Darren Woods -- Chairman and Chief Executive Officer. And you see us fight, certainly during the pandemic year, fight really hard to make sure that we sustain that. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. If you look overall at where our number of -- I'd say different programs are driving savings for us. Operator. Sure. Greg Bram serves as corporate Vice President-Supply Chain Optimization, responsible for all economic analysis pertaining to Valero's refining operations. Honeyman graduated from Rice University in 1995 with a bachelor's degree in chemical engineering and a master's degree in environmental engineering. Alan Lee was named the new chief technology officer at Wilmington's Analog Devices. So, I'd encourage you to look at that. Locke has since served in leadership roles over Strategic Planning, Public Policy, and Communications. So, irrespective of where the margins go, our view is all of our facilities need to be on the far left of the curve so that we've got a difference between the marginal price setter. They're meant to accompany the first quarter earnings news release, which is posted in the same location. Sure, Doug. Aug. 13, 2020. This is not about going out and taking speculative positions. ExxonMobil's supply chain will consolidate supply chain activities globally. Energy Factor That's investing in the business and competitively advantaged high-return projects. We like -- you know, we've brought talent in there. We're in the market to find value, and we're willing to kind of let volumes do what they will do in the search for making sure that anything that we bring into the portfolio is accretive and is a unique value contribution for the shareholders. And so, we can now trade all along the entire length of the value chain. And certainly, from listening to some of our customers in that space, expectations of a fairly healthy air transportation or, you know, airline travel miles going forward in the summer. 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. Obviously, Kathy was on the Wire this morning talking about how picky Exxon would be on M&A. And frankly, that's how you need to think about this business. Our underlying performance remains rock solid and well ahead of our competition, reflecting the many improvements we've made over the last six years, and of course, the hard work of our people. Bram holds a Bachelor of Science degree in chemical engineering from the University of Missouri-Rolla, now known as Missouri University of Science & Technology. Sure. We're working with our partner there, Total. He is also a member of the Business Roundtable, the Business Council and the Texas A&M University Engineering Advisory Council. 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. We'll go next to John Royall with J.P. Morgan. Today's call is being recorded. 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. And then we'll see how the rest of the year plays out, but we're sticking, at this point, to same year-end guidance that we gave late last year. And, you know, about 40% of our shareholders are retail shareholders, so, you know, more of the moms and pops across the globe that, you know, are investors, and so we know it's important. And I think we're striking a pretty even balance in that regard. In terms of the Papua New Guinea, is there expansion talk? 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. Massachusetts Institute of Technology. Invest better with The Motley Fool. We're always looking for an opportunity for an acquisition and one that grows value and it's got to be value-accretive. So, I think, you know, looking at the numbers, what sort of jumps off the page is the cash balance, and you've been pretty transparent about this topic, and you know the imperative to build a fortress balance sheet. Dan Clark The deputy general counsel of Exxon Mobil Corp. has been elected by the companys board of directors to replace general counsel Randall Ebner when he Good day, everyone, and welcome to this ExxonMobil Corporation first quarter 2023 earnings call. We've seen a lot of capacity coming on. But one that is very focused on significantly growing the value proposition there, really around our footprint. 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. We believe that this technology will address one of the largest environmental challenges of today, CO 2 emissions from industrial and commercial There's quite a big change first quarter versus fourth quarter in depreciation. Jason Fraser serves as Executive Vice President and Chief Financial Officer. There are always short-term disruptions. I would say the short answer is no. U.S. Money Supply Is Doing Something It Hasn't Done in 90 Years, and It May Signal a Big Move for Stocks, Why I Refuse to Chase the Maximum Social Security Benefit, Social Security Cuts May Be Coming. Today's call is being recorded. WebExxonMobil's key executives include Darren W. Woods and 13 others. 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. And what triggered our emphasis on China trade and the emphasis that we're putting on trade is the reorganization that we made coming out of the functional organizational construct into value chains. I think we've got clear line of sight to some additional ones. 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. Am I wrong in that, or is there -- any color would be helpful. In 1994, after earning a Master of Business Administration in Finance from the University of Chicago, she began a 16-year career at United Airlines Holdings Incorporated, where she served in several corporate planning and financial roles before being appointed senior vice president and chief financial officer in 2008. Hey, good morning. 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. Hello, Darren and Kathy. That's, I think, really what's going to underpin where we focus our attention. You know, we talked a little bit in our presentation about the fact that our maintenance activities, we had a pretty heavy turnaround quarter, and those maintenance activities really came in at the first quartile, so much better than what we had planned for a shorter duration. Image source: The Motley Fool. I'll start that, then, Kathy, if you got anything to add to it. April 27, 2023 at 06:45 AM EDT. There is a unique value proposition there, and then my view would be we'll leverage that to the full extent that we can. Prior to attending the University of Texas, Fraser served in the U.S. Army in 1986-1990. While we're in a depletion business and, you know, we've got to work real hard to continue to bring volume on, we're not actually in the market to find volume. The sound science of cleaner energy: Jenny Seagraves. WebExxonMobil's key executives include Darren W. Woods and 13 others. ExxonMobil engineer Natalie Martinez discusses the companys efforts to scale up advanced recycling and her part in making it happen. You know, all else held equal, a bigger company means a bigger working capital needs. Mr. Woods was appointed president of ExxonMobil Refining and Supply Company and vice president of Exxon Mobil Corporation in 2012. In 2014, Mr. Woods was elected senior vice president of Exxon Mobil Corporation. Effective January 1, 2016, Mr. Woods was elected president of Exxon Mobil Corporation and a member of the board of directors. Former EVP of Development at Epic Games will lead innovation and technology strategy for Yuga's next Former EVP of Development at Epic Games will lead innovation and technology strategy for Yuga's next stage of growth. Yeah. He joined the company from AMD, where he served as head of research and advanced development. I think just I'd speak to maybe the LNG portfolio as a whole. 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. Look, these -- we all know these markets are volatile that they move up and down. So, we started growing that in 2018. 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. We like what we see there. I would just be curious on your views on what you're seeing in terms of product demand and then how do you think it's going to manifest itself in -- through the refining system from a margin perspective over the next couple of years? So, that gives you, I'd say, a little bit of a characterization of where savings are coming from. Mr. Woods joined Exxon Company International in 1992 as a planning analyst in Florham Park, New Jersey. And if I look at some of the numbers from some of your peers, it looks like that -- those businesses, the asset optimization could add up to 5% on ROCE in exceptional environment. 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. But I would -- I'd make the same. We'll go next to Stephen Richardson with Evercore ISI. So, that was a help in the first quarter, some of that feed optimization, and that'll play into it as well. Fraser also has served as President of European Commercial Operations, overseeing the company's European commercial businesses, andVice President of Specialty Products Marketing. All right. And is 9 billion -- like is that the end of the program or is there something to happen beyond that? TOP TIER certified fuel* and top-tier service at our Valero branded stations. Prior to Valero, Bhullar was an Investment Banker focused on the Energy sector at J.P. Morgan and Citigroup. WebExxonMobil. A couple of points, I think, as we're looking at the refining margin. Bhaskar Ghosh has been named chief strategy officer, effective immediately, with responsibility for the companys strategy and investments, including ventures and acquisitions. So, we're not -- we don't have to sell anything. With that, let me turn the call over to Jennifer. I've talked about that in the past. So, if economic activity is constrained, then chemical demand is constrained. Massachusetts Institute of Technology. I'll try and circle around that kind of suite of questions for you, Roger. I appreciate the answer. Chief Technology Officer Job Description and Skills. Also, please remain on the line in case we need to ask any clarifying questions. I -- you know, it amazes me that -- the amount of questions that come up from this space. Private Company. Joe Gorder became Chairman of the Board on Dec. 31, 2014, and Chief Executive Officer on May 1, 2014. And then obviously, we can balance disbursement -- shareholder disbursements with buybacks. That -- I think -- you know, we've been developing that approach, fine-tuning it, you know, testing it, and evolving that concept. Welcome to ExxonMobil's first quarter 2023 earnings call. Fisher began his career with Valero in 1997, when he joined Valeros Corporate Law Department. I would say our assessment is very consistent with Total's assessment. In simple terms, the Chief Technology Officer is the executive responsible for managing and driving value from technology within an organisation. She was promoted to Vice President-Human Resources and Administration in November 2015, and to her current position in January 2019. So, I want to stick with the Permian, but I'm not going to ask an M&A question. He will continue to lead the growth strategy for Accentures Industry X business, which includes digital manufacturing and intelligent products and platforms. Darren Woods, chief executive officer of ExxonMobil Corp., was chipper as he bandied with industry analysts on Jan. 31 about his companys poor 2019 performance. ExxonMobil's Record-Setting Profits Continue. ET. Mr. Chapman returned to ExxonMobil Chemical Company in 2011 as senior vice president in charge of the companys global polymers businesses. And as a reminder, we would like you to limit yourselves to a single question. Apr 28, 2023, 8:00 a.m. After receiving a Bachelor of Science from the University of Illinois, Ms. Mikells began her career in 1987 at General Electric Company as an investment analyst. A significant contributing factor was structural cost savings that now total approximately $7.2 billion. Before coming to ExxonMobil, Ms. Mikells spent six years as chief financial officer for London-based Diageo, Plc. So, our expectation as you head into the future is we'll continue to drive efficiencies and deliver structural cost savings onto the bottom line. Mr. Chapman advanced through engineering, operations, planning and commercial roles in various chemical affiliates in the United Kingdom, Belgium, the United States and Hong Kong prior to the 1999 merger between Exxon and Mobil. I'll go ahead and take that, Sam. And at this time, I'd like to turn the call over to the vice president of investor relations, Mrs. Jennifer Driscoll. Hey, good morning. And so, that's kind of, I'd say, the underlying approach. 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. We do see some promising signs, but we'll have to see how that China demand and their economic activity picks up. 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. And that -- the value of that opportunity will manifest itself in our business. Tyson David - Safety and Security Manager - ExxonMobil - LinkedIn We actually have put an additional disclosure in our press release. Operator. He then served as Vice President-Investor and Corporate Communications, President-Europe, and Vice President-Investor Relations, Market Analysis & Strategic Planning, before assuming his current position. And we certainly saw that with the China lockdowns. Learn about our production and sale of renewable diesel, a low-carbon fuel. Yeah. We think that makes a lot of sense. Hi. Thanks for taking my question. Karen McKee, formerly president of ExxonMobil Chemical Company has been appointed to lead ExxonMobil Product Solutions. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. Ms. Mikells serves on the board of Hartford Financial Services Group. A CTO should have the business knowledge necessary to align technology-related decisions with the organization's goals. And so, I mean, we're looking -- we're working really hard on our technology portfolio in the Permian. First, giant hedge fund D.E. Morford was chief legal and compliance officer for Cardinal Health between 2008 and 2019. Find contact details for 700 million professionals. Guyana, we're pleased to announce that we reached final investment decisions for Uaru, fifth offshore project, which will bring on even more production from this low-cost, low-carbon intensity resource. 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. I know I'm kind of asking three questions in one, but they're all focused right around the 7 to 9. She joined Valero in December 2006 as Managing Counsel-Labor & Employment, overseeing legal aspects of Valeros human resources policies, discipline, litigation and immigration. And then just the last comment, like does the program end? Jason Gabelman -- Cowen and Company -- Analyst. Independent and Diverse Board of Directors. You've got projects that are coming on, you know, sooner and bigger if you look at Guyana. Rich Lashway is Senior Vice President-Corporate Development andStrategy. We would have seen, actually, the benefit of some of that in this recent quarter. He started as a Director in Corporate Development and moved to Business Development in 2015, where he was promoted to Vice President in 2018. All Rights Reserved. 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. Former EVP of Development at Epic Games will lead innovation and technology strategy for Yuga's next stage of growth. ExxonMobil ( XOM 1.28%) Q1 2023 Earnings Call. I think three-month treasuries are at 5% today. San Antonio, TX 78249 And then as we came out, those got turned back on again and come on to the marketplace. 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. So, on the Beaumont expansion, can you talk about how the capacity is being absorbed in the market? And we'll go next to Devin McDermott with Morgan Stanley. He joined Esso Chemical Company in 1984 at the Fawley Refinery in the United Kingdom upon graduating from the University of Surrey. 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. 1 Valero Way As you know, it's very tied to economic activity. XOM earnings call for the period ending March 31, 2023. Have a nice weekend, everyone. And we definitely think about this over the long term as opposed to the near term given we're in a business that's highly cyclical. You know, one is just improving the overall productivity across our workforce. So, what does a chief technology officer do exactly? I wanted to ask a question on the downstream business and given your global reach there. Yeah. And I would add, Sam, I think, you know, you mentioned history. 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. Paul Grewal, chief legal officer at Coinbase, sits down with CNBCs MacKenzie Sigalos at Consensus 2023 to discuss the companys response to the SECs Effective On May 1st, two new enterprisewide organizations will be up and running. Actively improving the quality of life in neighboring communities. Analog Devices, Inc. (Nasdaq: ADI) today announced the appointment of Alan Lee to the position of Chief Technology Officer (CTO). 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. And now, let me turn it back to the operator to conclude our call. Learn more about applying for a job with Team Valero. 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. I'm happy to answer that. *Average returns of all recommendations since inception. And so, that platform gives our traders a great base to optimize off of. Thanks for taking my question. He is a native of Stoke-on-Trent, England. The Foundation of Our Success. 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. Find your future. We'll go next to Alastair Syme with Citi. So, you obviously have a big advantage with your refining footprint and your asset base. Mr. Chapman has served as a member of the board of directors and executive committee of the American Chemistry Council, the board of directors of the International Council of Chemical Associations, and the board of directors and executive committee of the National Association of Manufacturers. The high quality of the directors, officers and employees of Before joining Valero, he held the positions of Vice President of Business Development for Ultramar Diamond Shamrock, and Director of Commercial/Industrial Sales, Assistant Treasurer and Director of Information Systems for Diamond Shamrock. I think good progress in both PNG and Mozambique. This is about going out and optimizing given the asset base that we have, the value chains that we're participating in, taking the insights generated from running those businesses and the opportunities that come with those insights and transacting on them. Yeah. WebCheryl Thomas serves as Senior Vice President and Chief Technology Officer, with responsibility for the companys information services network and related technology. ExxonMobil And if you look at the production in the quarter, you guys reported 615,000 barrels a day. [Operator instructions] We'll go first to Neil Mehta with Goldman Sachs. He joined Exxon in April 1987 as a drilling engineer in New Orleans, Louisiana, after graduating from Vanderbilt University with a Bachelor of Engineering degree. In 2007 he was appointed acting deputy attorney general by then-president George W Bush. You've got high carbon prices in Europe. 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. 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. Internally, we don't actually manage this as, hey, there's a one-time period that we're focused on as opposed to we are focused on continuing to drive structural cost savings over time. The profits that come through trading are different quarter to quarter, but I'd say, year to year, pretty steady. June 17, 2021, Who we are It is very well positioned on a cost of supply curve. Soon thereafter, Mark was promoted to Assistant Controller, and ultimately, Senior Vice President of Accounting, in 2012. Unlocking the potential of advanced recycling: Matthew McConomy. Better Dividend Buy: ExxonMobil vs. Enbridge. We've made a number of different organizational changes over the past couple of years. Thomas earned a business administration degree in quantitative analysis from California State University-Fresno in 1983, graduating Magna Cum Laude. What you tend to see in depreciation is some ebbs and flows associated with our asset management activities. And then I'll just circle back, you asked a little bit about inflation. The Permian is doing well. We'll go next to Paul Cheng with Scotiabank. The role can differ from company to company but usually includes everything from: Technology vision and strategy Architecture Innovation Software development Infrastructure 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. WebExxonMobil. This ongoing success reflects the hard work of our people, executing our strategic priorities and fully leveraging our competitive advantages. I think we've said in the past that as you look at production, the Permian is going to be a little bit lumpy, and so I wouldn't take any one data point, any one quarter's numbers and extrapolate from there. And so, it's a little bit different than the history of the company, and so would appreciate your thoughts on it. Thank you. Eric Fisher serves as Senior Vice President-Wholesale Marketing and International Commercial Operations, responsible for global wholesale marketing, including administration of London, Montreal and Dublin operations and the specialty products marketing business. ExxonMobil has a long history of leadership in the petroleum and petrochemical industries. I think the margins in the U.S. will be a function of, you know, what production source is setting the marginal layer of production. Apr 24 2023 - Wilmington, MA. So, I think we're in -- that's an important context in terms of what we're seeing right now. Also, please note that we provided supplemental information at the end of our earnings slides, which are posted on the website. Darren Woods, ExxonMobil chairman and chief executive officer, explained it this way: Our transformed business structure enables us to more fully leverage the corporations scale, integration, technology advantages, and the skills and capabilities of our talented workforce, to better serve our customers. Thanks. Compared to the first quarter of 2022, we added about 300,000 oil-equivalent barrels per day to global supply, primarily from a 40% increase in production from Guyana and the Permian Basin. If you have a higher kind of exposure to trading, maybe you would like to run with a higher cash balance generally. Mr. Corson started his career with ExxonMobil in 1983 in New Orleans, Louisiana, and has held various technical, operations, commercial and managerial assignments around the world. So, we feel pretty good about our cash balance. With respect to that, we've had good progress with the government in PNG in terms of getting the agreements that we need signed and helping us move forward. The digital watchtower - the importance of cybersecurity in the energy industry. So, I feel good about the progress that we've got there -- we're making there. I just want to ask you if you feel that you need to backfill your Permian position at any time in the future, and I'll leave it there. And so, we justified that project on a transportation differential and felt that that provided a reasonable return, with the expectation that, on top of that, we would see the value of the additional fuels and the higher-value products that we were producing. 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.