In addition, our Beaumont refinery expansion reached nameplate capacity in the quarter. It is very well positioned on a cost of supply curve. Now, let me cover the quarter's headlines. Does that change at all the way you look to manage your cash balances going forward? Massachusetts Institute of Technology. Sure, and good morning, Biraj. I'll try and circle around that kind of suite of questions for you, Roger. 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. Greg Bram serves as corporate Vice President-Supply Chain Optimization, responsible for all economic analysis pertaining to Valero's refining operations. And, you know, if there's any thought around kind of the absolute level of cash today and really what's optimal. Prior to joining Valero, he was Refinery Manager at Premcor's Lima Refinery. 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. Invest better with The Motley Fool. So, we do like the progress that we've seen there. So, I think we're in -- that's an important context in terms of what we're seeing right now. 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. And we'll go next to Devin McDermott with Morgan Stanley. Quite a dynamic market. He started as a Director in Corporate Development and moved to Business Development in 2015, where he was promoted to Vice President in 2018. The jump came So, I think, you know, in times when the markets are on the high end of the cycle, I would expect to see cash balances higher so that we're well positioned as we go into the low end of the cycle, which we know will come. 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. A couple of points, I think, as we're looking at the refining margin. Before taking his current position, he was executive vice president of ExxonMobil Production Company. Simmons directs the supply, trading and hedging activities for supply of crude oil to all Valero refineries, and oversees international operations and refinery systems optimization. And we certainly saw that with the China lockdowns. Darren Woods, Chairman and Chief Executive Officer; Kathy Mikells, Senior Vice President and Chief Financial Officer; and Jennifer Driscoll, Vice President of Kathy, do you want to add anything to that? What you tend to see in depreciation is some ebbs and flows associated with our asset management activities. ExxonMobil engineer Matthew McConomy explains how hes designing advanced recycling systems that can help harness the value of plastic waste. So, what does a chief technology officer do exactly? 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. She is a native of Chicago. After leaving GE, she held finance leadership positions in banking, including the Canadian Imperial Bank of Commerce. Materialise NV (NASDAQ: MTLS), a leading provider of John Locke is Vice President and Treasurer. 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. And then just the last comment, like does the program end? Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. I wanted to ask about the results you're seeing there. And then obviously, we can take advantage of the global footprint, as you referenced, and trade along that global footprint and arbitrage between the markets. Exactly what we're seeing today. She joined Valero in December 2006 as Managing Counsel-Labor & Employment, overseeing legal aspects of Valeros human resources policies, discipline, litigation and immigration. That's very helpful. 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. In hydrogen, we announced front-end engineering and design contract for the world's largest low-carbon hydrogen facility in Baytown, a heads of agreement with SK Group of Korea for offtake of blue ammonia from that facility. So, we started growing that in 2018. There are always short-term disruptions. Biraj Borkhataria -- RBC Capital Markets -- Analyst. 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. Proactive and consistent dialogue with stakeholders to address environmental, social and governance priorities. Obviously, Kathy was on the Wire this morning talking about how picky Exxon would be on M&A. 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? The Permian is doing well. If you think about how that's manifested itself in upstream, you know, it's been a significant reduction in what I would describe as above field costs. I would say our assessment is very consistent with Total's assessment. Good day, everyone, and welcome to this ExxonMobil Corporation first quarter 2023 earnings call. 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. Alan Lee was named the new chief technology officer at Wilmington's Analog Devices. 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. 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. Thank you, Mrs Driscoll. [Operator instructions] We'll go first to Neil Mehta with Goldman Sachs. Here with me are Darren Woods, chairman and chief executive officer; and Kathy Mikells, senior vice president and chief financial officer. Find contact details for 700 million professionals. I would say, generally speaking, we like what we're seeing in terms of productivity in the Permian. It's maintaining a very strong balance sheet. Additionally, we look forward to connecting again on May 31st for our annual shareholders' meeting. In 2015 he became ExxonMobil Chemical Company president, a position he held until taking his current position. But that's down the road. Aug. 30, 2022, Who we are She has played a key role in restructuring Valeros Information Services Department and integrating recently acquired assets into Valeros complex systems. Devin McDermott -- Morgan Stanley -- Analyst. OK, Doug. And at this time, I'd like to turn the call over to the vice president of investor relations, Mrs. Jennifer Driscoll. I wanted to ask a question on the downstream business and given your global reach there. And now, please turn to Slide 3 for Darren's remarks. And so, that platform gives our traders a great base to optimize off of. Cost basis and return based on previous market day close. The Foundation of Our Success. So, on the Beaumont expansion, can you talk about how the capacity is being absorbed in the market? They are just working through on the cost structure with the contractor. 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 I'm wondering if you see that dynamic as kind of balanced where cracks in Asia are zero, but margins in the U.S. are still 20, and that's kind of representative of the market structure that we're in, or do you expect the weakness in Asia margins to kind of force U.S. refining margins lower in the near term? 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. You know, all else held equal, a bigger company means a bigger working capital needs. And so, I'd say you kind of have to take a step back from that noise in depreciation. Thanks for the question. Find your future. But I wonder if the direction we're going with cash, you know, even net of shareholder returns that are continuing to increase and that are well within sort of your targets, you know, if we're kind of getting beyond fortress and into something even bigger than 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. We've had -- we've traded for a long time. Those are embedded in the plans that we shared with you last December. Today's call is being recorded. 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. 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. 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. Unlocking the potential of advanced recycling: Stephanie Westbrook. Am I wrong in that, or is there -- any color would be helpful. He then served as ExxonMobil Chemical Companys Asia Pacific polyolefins sales manager before becoming the project executive of the Fujian integrated refining and ethylene joint venture project in China. Sure. Prior to joining Valero, Locke worked at La Quinta Corporation and Ernst & Young LLP, in SEC reporting and audit and assurance roles, respectively. I -- you know, it amazes me that -- the amount of questions that come up from this space. Learn More, ExxonMobil(XOM 1.29%)Q12023 Earnings CallApr 28, 2023, 8:00 a.m. He joins from Strides where he served as CIO. We think that makes a lot of sense. It's a great example of where we're focused on, advantaged projects that bring on advantaged low-cost capacity. 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? So, that was a help in the first quarter, some of that feed optimization, and that'll play into it as well. Obviously, we need to be convinced that that will sustain that progress. You've got projects that are coming on, you know, sooner and bigger if you look at Guyana. Jason Gabelman -- Cowen and Company -- Analyst. Morford was chief legal and compliance officer for Cardinal Health between 2008 and 2019. So, there will obviously be periods of time where things constrain that. 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 Leveraging the capabilities and advantages developed in our traditional businesses, we're building an advantaged new business, low carbon solutions, which is positioning us as a leader in the energy transition, in our own and others' emissions and establishing long-term value-accretive growth opportunities that will underpin continued growth in shareholder returns. We'll go next to Biraj Borkhataria with RBC. April 27, 2023 at 06:45 AM EDT. You know, we always use the phrase the world is round. WebMark J. Costa Chairman and Chief Executive Officer Read full bio Stephen G. Crawford Executive Vice President, Manufacturing and Chief Sustainability Officer Read full bio Chris M. Killian Senior Vice President and Chief Technology Officer Read full bio Brad A. Lich Executive Vice President and Chief Commercial Officer Read full bio That's what the organization is going to be doing. 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 Ms. Mikells serves on the board of Hartford Financial Services Group. In 2002, Mr. Chapman took over responsibility for aviation fuels marketing and, later, industrial and wholesale fuels. And then as we came out, those got turned back on again and come on to the marketplace. Hi, guys. 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 typically see early in the year a lot of refining turnarounds, which take a lot of capacity offline in that lower-demand season. It's got to be one where what ExxonMobil brings to the table actually increases what either company would do independent of one another. Sure. Thanks. Jennifer Driscoll -- Vice President, Investor Relations. 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. We've had our own security folks out there assessing the situation. So, thank you, everybody, for your questions today. Now let's move to Q&A. 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. Welcome to ExxonMobil's first quarter 2023 earnings call. Stephen Richardson -- Evercore ISI -- Analyst. Paul Grewal, chief legal officer at Coinbase, sits down with CNBCs MacKenzie Sigalos at Consensus 2023 to discuss the companys response to the SECs threat of enforcement action. IT Head. To make the world smarter, happier, and richer. As CFO, Ms. Mikells leads the companys finance functions, including treasury, tax, and audit as well as the companys strategic planning, global services, and investor relations functions. 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. He also holds a Master of Business Administration degree from Northwestern's Kellogg School of Management in Evanston, Illinois. 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. 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. ExxonMobil ( XOM 1.28%) Q1 2023 Earnings Call. 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. He earned his undergraduate degree in economics from Texas A&M University and his Juris Doctor from the University of Texas School of Law. 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. Shaw got two new directors installed on the 12-person board. Hey, good morning. Thank you so much. 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 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. We're working with our partner there, Total. 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. XOM earnings call for the period ending March 31, 2023. And so, that's kind of, I'd say, the underlying approach. Former EVP of Development at Epic Games will lead innovation and technology strategy for Yuga's next Article Tags: appointment. We like what we see there. I think three-month treasuries are at 5% today. ExxonMobil said the rise in profits included a $3.4bn after-tax reduction to exit Russia. And, you know, in recent history, it's certainly true that we ran fairly lean on cash. 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 chief technology officer and executive vice president, Redon will be responsible for developing and delivering clean alternative fuel systems products from concept to customers in the global transportation and off-road markets while effectively implementing global integration strategies to optimize resource utilization worldwide. With over 100 major cyberattacks reported in the United States since the start of the year, including well-publicized ransomware attacks on an American oil pipeline and an international beef supplier, the public is coming to understand how much cybersecurity can affect their everyday lives. And we had talked about the fact that we would expect our cash balance post the end of the year to kind of ebb and flow, depending on how market prices and margins evolve. 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. WebThe chief technology officer (CTO) is the individual within an organization who oversees the current technology and creates relevant policy. You saw sequential margin improvement in your chemicals products business driven by advantaged ethane pricing. Karen McKee, formerly president of ExxonMobil Chemical Company has been appointed to lead ExxonMobil Product Solutions. 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 has been with the company since 1989 and has served in many leadership positions. After her time with United, Ms. Mikells went on to serve as chief financial officer at ADT Incorporated and Xerox Holdings Corporation before joining Diageo in 2015. If we see similar levels of exports as we saw last year, my expectation was that'll put additional upward pressure on the margin. 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. Former EVP of Development at Epic Games will lead innovation and technology strategy for Yuga's next stage of growth. All right. We'll go next to Ryan Todd with Piper Sandler. We don't see a lot of difference between what the conclusions they're coming up with and our conclusions. And at this time, I'd like to You know, you all know, we, several years ago, had a strategy on maximizing oil recovery versus initial production rates. So, that's how I would think about it. And so, that -- the Europe set is the price setter for global markets ex-transportation. He was earlier associated with Nissan Motor Corporation, Collabera, Safexpress Private Limited, IBM and Cognizant Technology. I'm Jennifer Driscoll, vice president, investor relations. ExxonMobil engineer Natalie Martinez discusses the companys efforts to scale up advanced recycling and her part in making it happen. Earlier in his career, he worked as an operations accountant for Exxon Corp. 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. You know, that balance sheet gives us all the firepower and confidence we need to succeed across a very wide variety of market conditions, which is obviously what this industry faces. We're always looking for an opportunity for an acquisition and one that grows value and it's got to be value-accretive. Operator. Shortly, Darren will provide opening comments and reference a few slides from this presentation. He joined with predecessor Ultramar Diamond Shamrock (UDS), and in his current position with Valero is responsible for company strategy and innovation efforts. Yeah. We've got some fairly diverse assets with respect to the ability to manage feed and change feedstocks around. In terms of the Papua New Guinea, is there expansion talk? TOP TIER certified fuel* and top-tier service at our Valero branded stations. 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, obviously, you know, if additional capacity comes on that's much lower cost and that supply overwhelms any growth in demand, then we'll see the marginal price setter change. After all, the newsletter theyhave run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. And so, we've got a really streamlined and a good view of the marketplace. He previously served as Vice President and Deputy General Counsel, with responsibility for Valero's litigation, regulatory and employment law departments, as well as the company's ad valorem tax and environmental, health and safety groups. I think just I'd speak to maybe the LNG portfolio as a whole. Apr 24 2023 - Wilmington, MA. Spotify Technology SA s chief executive officer is engaged in a Washington charm offensive this week that he hopes will convince the US government to curb the 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. Also, please note that we provided supplemental information at the end of our earnings slides, which are posted on the website. We like where we've gotten to with that approach. WebBrad W. Corson was appointed chairman, president and chief executive officer of Imperial on January 1, 2020. It keeps us on track to meet our target of $9 billion by the end of this year. Good morning. ExxonMobil's supply chain will consolidate supply chain activities globally. Yeah. So, you obviously have a big advantage with your refining footprint and your asset base. Effective January 1, 2016, Mr. Woods was elected president of Exxon Mobil Corporation and a member of the board of directors. That's what you've seen us do. The Motley Fool has a disclosure policy. With time, I expect to see them pivot maybe a similar approach, but I think we've got a real good head start on that. Experience Chief Technology Officer ExxonMobil Jan 1999 - Present 24 years 4 months.
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