He began his career in 1987 as a process engineer at Amoco Oil's Whiting Refinery, progressing through various engineering, operations and planning positions. The digital watchtower - the importance of cybersecurity in the energy industry. He joined Valero in 2001 in the Risk Management Department. Analog Devices, Inc. (Nasdaq: ADI) today announced the appointment of Alan Lee to the position of Chief Technology Officer (CTO). 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. During his more than 20 years with the DoJ, Morford had assignments as US attorney in Michigan and Tennessee and as first assistant US attorney in Ohio. WebExxonMobil's key executives include Darren W. Woods and 13 others. ExxonMobil technologist Stephanie Westbrook discusses the companys efforts to scale up advanced recycling and her role in making it happen. 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. Good day, everyone, and welcome to this ExxonMobil Corporation first quarter 2023 earnings call. They're meant to accompany the first quarter earnings news release, which is posted in the same location. 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. Walsh has served in many different leadership roles within Valero's legal department. Now, let me cover the quarter's headlines. She was promoted to Vice President-Human Resources and Administration in November 2015, and to her current position in January 2019. We are comfortable with everything we've got in the portfolio. In 2010, he was appointed vice president of supply and transportation, based in Fairfax, Virginia. Rich Lashway is Senior Vice President-Corporate Development andStrategy. Homer Bhullar is Vice President Investor Relations and Finance. And at this time, I'd like to April 27, 2023 at 06:45 AM EDT. ExxonMobil said the rise in profits included a $3.4bn after-tax reduction to exit Russia. ExxonMobil engineer Natalie Martinez discusses the companys efforts to scale up advanced recycling and her part in making it happen. We 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. And then just recently, announcing the combination of our supply chain across the organization and setting up a global business services organization and combining our global trading capabilities across the company. That's right -- theythink these 10stocks are even better buys. We'll go next to Ryan Todd with Piper Sandler. Kathy, do you want to add anything to that? That has been, you know, a source of not only demand but also of exports. We should hit the objective that we set back in 2018 probably sometime this year. It's maintaining a very strong balance sheet. Apr 28, 2023, 8:00 a.m. We've been, I think, pretty successful at consistently putting assets in the market and realizing the value of those. 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. Alan Lee was named the new chief technology officer at Wilmington's Analog Devices. The interlocking value of our guiding principles is based on Safety, Environment, Community, Employees and Governance. This may be a bit of a follow-up on the questions previously about cost structure and the balance sheet. 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. Devin McDermott -- Morgan Stanley -- Analyst. And so, that's kind of, I'd say, the underlying approach. Mark Schmeltekopf serves as Senior Vice President and Chief Accounting Officer, with responsibility for the companys accounting, budgeting, forecasting and profit-planning procedures, as well as financial statements and reporting, and corporate tax functions. Koen Berges to Succeed Johan Albrecht. 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. 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. I wanted to ask about the results you're seeing there. I've talked about that in the past. Kathryn A. Obviously, we need to be convinced that that will sustain that progress. Before coming to ExxonMobil, Ms. Mikells spent six years as chief financial officer for London-based Diageo, Plc. Hey, good morning. 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. And you see us fight, certainly during the pandemic year, fight really hard to make sure that we sustain that. We like what we see there. That's been a real focus of that organization. Good day, everyone, and welcome to this ExxonMobil Corporation first quarter 2023 earnings call. Good day, everyone, and welcome to this ExxonMobil Corporation first quarter 2023 earnings call. But that's an important asset as you move into the bottom of the cycle, particularly when you're trying to maintain the consistent investment levels and continue to advance the projects in the portfolio. We care about health and safety, and protecting our employees and neighbors. 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. Making the world smarter, happier, and richer. We'll go next to Alastair Syme with Citi. We don't see a lot of difference between what the conclusions they're coming up with and our conclusions. The Motley Fool has a disclosure policy. I -- you know, it amazes me that -- the amount of questions that come up from this space. Fisher began his career with Valero in 1997, when he joined Valeros Corporate Law Department. In terms of the Papua New Guinea, is there expansion talk? Good morning. And then in conjunction with that, the COVID impacts took a while for it to unwind through what I'd say is the global economy, which impacted chemical demand. ExxonMobil Is Near an All-Time High -- Is the Stock Still a Buy? Longer term, I think it comes back to what happens in China. Yeah. 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. In 2002, Mr. Chapman took over responsibility for aviation fuels marketing and, later, industrial and wholesale fuels. Operator. Theyjust revealed what they believe are thetenbest stocksfor investors to buy right now and ExxonMobilwasn't one of them! Earlier in his career, he worked as an operations accountant for Exxon Corp. Private Company. 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. 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 Bhaskar Ghosh has been named chief strategy officer, effective immediately, with responsibility for the companys strategy and investments, including ventures and acquisitions. So, I'd start by saying, overall, we feel really good about the progress that we've made. I think I couldn't remember if Jennifer said one question or one plus one follow-up. That's what you've seen us do. 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. A couple of points, I think, as we're looking at the refining margin. Operator. 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. As we said during our Low Carbon Solutions Spotlight earlier this month, our low-carbon projects must be advantaged and deliver competitive returns. 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. Just what I'd like to ask on the specific commentary about the 7.2 billion in savings, on track for the 9 billion this year, could you characterize a little bit where that's come from to date? We're seeing reports that Asian refiners are contemplating run cuts while margins in the U.S. are still really robust. Anjani Kumar has joined Tata AIG General Insurance Company Limited as Chief Technology Officer (CTO) and EVP. Mike Seavers Joins Yuga Labs as Chief Technology Officer. So, we feel pretty good about our cash balance. IT Head. Does that change at all the way you look to manage your cash balances going forward? Yeah. Thanks for taking my question. Thank you. We got high gas prices in Europe with, I think, the potential to go higher. So, I think -- you know, my view is we're going to see the typical push-up in the summer and see margins rise. That -- I think -- you know, we've been developing that approach, fine-tuning it, you know, testing it, and evolving that concept. Aug. 13, 2020. Reinhart earned a Juris Doctor from Emory University in 1994, and a Bachelor of Arts degree in economics and statistics, with a certificate in actuarial science, from the University of Rochester in 1991. We're very much on track for the 9 billion at the end of this year relative to 2019. Analog Devices, Inc. (Nasdaq: ADI) today announced the appointment of Alan Lee to the position of Chief Technology Officer I just would make the final point that, you know, as we look at that -- at divestments, it is a value proposition. And so, you know, that's all about improving the experience for our employees, for our vendors, for our customers, and continuing to drive efficiencies and, importantly, effectiveness across those organizations. And so, when we're selling assets, sometimes we're taking a small impairment that runs through depreciation. Thank you. 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. So, my expectation is as these new organizations come together, they'll begin to find things. Yeah. In 2005, Mr. Woods was appointed vice president of ExxonMobil Chemical Company in Houston, Texas, where he managed global specialty-chemical businesses. Is it a Top Stock to Buy? Independent and Diverse Board of Directors. Good morning. Mr. Woods was appointed president of ExxonMobil Refining and Supply Company and vice president of Exxon Mobil Corporation in 2012. Earnings in our product solutions business benefited from the team's solid operational execution, with top-quartile turnaround cost and schedule performance during a particularly heavy planned maintenance period. Darren Woods -- Chairman and Chief Executive Officer. Perspective Have we turned a corner in the chemicals environment, and can you talk about how you see the trajectory of margins in that business over the course of 2023? Experience Chief Technology Officer ExxonMobil Jan 1999 - Present 24 years 4 months. 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. The jump came Thanks for joining us today. As gas prices came off, that gave us a better liquid-to-gas spread that allowed us to change some of our feed into our crackers and see the advantage of that. WebExxonMobil. 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. How kind of general inflation within not just the oil field but, you know, in general, how that's affecting that? Here with me are Darren Woods, chairman and chief executive officer; and Kathy Mikells, senior vice president and chief financial officer. 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. Maybe a question on the chemicals business. 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. Yeah. As you know, it's very tied to economic activity. And so, that moved to a value chain construct that we had early on between refining and downstream, but now have that with our product solutions organization. I'd say we look to take a very balanced approach as we think about shareholder distributions and getting that balance between a growing competitive dividend, right, as well as the efficiency through share repurchases. Honeyman graduated from Rice University in 1995 with a bachelor's degree in chemical engineering and a master's degree in environmental engineering. Great. But one that is very focused on significantly growing the value proposition there, really around our footprint. And we'll go next to Devin McDermott with Morgan Stanley. But in 2021, Exxon Mobil Chairman and CEO Darren Woods faced a rebellion from his board. 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. So, there will obviously be periods of time where things constrain that. 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 so, you generally see refining margins drop off here in kind of this valley between the supply coming back and then demand picking up as you head into early summer and on through the year. And, you know, if there's any thought around kind of the absolute level of cash today and really what's optimal. We've had -- we've traded for a long time. You know, all else held equal, a bigger company means a bigger working capital needs. You typically see early in the year a lot of refining turnarounds, which take a lot of capacity offline in that lower-demand season. He earned his undergraduate degree in economics from Texas A&M University and his Juris Doctor from the University of Texas School of Law. ET. In 2014, Mr. Woods was elected senior vice president of Exxon Mobil Corporation. But generally speaking, that happens. 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. The ExxonMobil Board of Directors elected Mr. Woods as Chairman and Chief Executive Officer, effective January 1, 2017. Eric Honeyman serves as Vice President Renewables Operations & Low Carbon Fuels, serving previously as Vice President Refining Operations. 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? I suspect -- expect we'll still see some of that to come on here in the short term. I'll go ahead and take that, Sam. Yeah. Alan Lee was named the new chief technology officer at Wilmington's Analog Devices. Paul Grewal, chief legal officer at Coinbase, sits down with CNBCs MacKenzie Sigalos at Consensus 2023 to discuss the companys response to the SECs You know, a lot of simplification coming across that business as a result. All Rights Reserved. With that, let me turn the call over to Jennifer. 10 stocks we like better thanExxonMobilWhen our analyst team hasa stock tip, it can pay to listen. Darren, can I ask, in Mozambique, Total seems to be optimistic about the security on the ground. Through investments in advantaged assets, mix improvements, and cost and operating discipline, we are delivering the structural earnings improvements outlined in our corporate plan update last December and expanding the energy supplies needed to meet growing global demand. I think three-month treasuries are at 5% today. From 2007-2009, he was the vice president of engineering for ExxonMobil Production Company. Actively improving the quality of life in neighboring communities. Can you give us a -- thank you. I mean, our capital allocation approach, I think, has been very consistent and very clear. 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. Sam Margolin -- Wolfe Research -- Analyst. 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. So, I feel good about the progress that we've got there -- we're making there. If you look overall at where our number of -- I'd say different programs are driving savings for us. WebChief Technology Officer @ ExxonMobil; Executive Agent @ Firmdrex , , , , Not the Asger Michael you were looking for? Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. Exxon has faced pressure from investors to shake up its leadership in the executive suite and its board of directors after years of poor returns and as other global oil majors invest more heavily in the energy transition. Mikells is the first woman and first external hire to enter Exxon's uppermost echelon. You've got high carbon prices in Europe. Thanks for the question. Unlocking the potential of advanced recycling: Stephanie Westbrook. 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 Stephen Richardson -- Evercore ISI -- Analyst. He is also a member of the Business Roundtable, the Business Council and the Texas A&M University Engineering Advisory Council. After all, the newsletter theyhave run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. Prior to joining Valero, Fisher worked for the law firm of Fulbright & Jaworski. Thanks. He is a Certified Internal Auditor, Certified Information Systems Auditor and Certified Fraud Examiner. And we're now, I'd say, in execution mode with respect to putting the organization together, putting in the support systems, bringing in the talent, developing the talent, and growing the talent in that space. She has played a key role in restructuring Valeros Information Services Department and integrating recently acquired assets into Valeros complex systems. 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. Overall, I'd say the organization is doing a good job at looking to offset inflation and what's obviously been a higher inflation environment recently. If we see similar levels of exports as we saw last year, my expectation was that'll put additional upward pressure on the margin. I'll give you this one plus one. Well, good morning. WebExxonMobil. 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. A CTO should have the business knowledge necessary to align technology-related decisions with the organization's goals. So, if you'll allow me, I'll throw that at you. And so, that -- the Europe set is the price setter for global markets ex-transportation. Gary Simmons is Executive Vice President and Chief Commercial Officer, with oversight of the company's crude supply and products trading, wholesale marketing, transportation and international commercial operations groups. And then we've got -- as we continue to work on high grading the portfolio, continue to look at assets that we don't see are strategic necessarily or where we see potential value -- higher value for others, we'll continue to feed that divestment portfolio and market those assets. So, that was a help in the first quarter, some of that feed optimization, and that'll play into it as well. Sure, Doug. Yeah. 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. From 2011 to 2021, Eric led the implementation of these practices amongst Valero's refining network, helping the business achieve first quartile performance across Solomon energy industry benchmarking metrics. 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. We can trade across those value chains. Karen McKee, formerly president of ExxonMobil Chemical Company has been appointed to lead ExxonMobil Product Solutions. Experience Chief Technology Officer ExxonMobil Jan 1999 - Present 24 years 4 months. We're pleased to have delivered $11.4 billion of earnings, a record first quarter following a record year. OK, Doug. We just gave the trading organizations within the company some different objective statements, and they've done really well in responding to that, bringing value to the bottom line. San Antonio, TX 78249 TOP TIER certified fuel* and top-tier service at our Valero branded stations. Prior to Valero, he worked for ExxonMobil in refinery operations. The sound science of cleaner energy: Jenny Seagraves. I wanted to ask a question on the downstream business and given your global reach there. Locke joined Valero in 2003 as an Audit Specialist in Valero's Internal Audit department where he earned several promotions and ultimately served as Executive Director of Internal Audit.
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