WebExxonMobil. From 2007-2009, he was the vice president of engineering for ExxonMobil Production Company. Am I wrong in that, or is there -- any color would be helpful. April 27, 2023 at 06:45 AM EDT. And then just the last comment, like does the program end? But in 2021, Exxon Mobil Chairman and CEO Darren Woods faced a rebellion from his board. So, I think we're in -- that's an important context in terms of what we're seeing right now. Homer Bhullar is Vice President Investor Relations and Finance. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. He earned hisBachelor of Arts and Juris Doctor degrees from the University of Oklahoma. I think jet demand and transportation looks like it's kind of trending up. So, that gives you, I'd say, a little bit of a characterization of where savings are coming from. Thank you. 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. Analog Devices, Inc. (Nasdaq: ADI) today announced the appointment of Alan Lee to the position of Chief Technology Officer Apr 28, 2023, 8:00 a.m. And so, that's the model that I have in my mind. Yeah. And so, I'd say you kind of have to take a step back from that noise in depreciation. Analog Devices, Inc. (Nasdaq: ADI) today announced the appointment of Alan Lee to the position of Chief Technology Officer (CTO). Have a nice weekend, everyone. 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. 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. 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. In 2007 he was appointed acting deputy attorney general by then-president George W Bush. Paul Grewal, chief legal officer at Coinbase, sits down with CNBCs MacKenzie Sigalos at Consensus 2023 to discuss the companys response to the SECs Here with me are Darren Woods, chairman and chief executive officer; and Kathy Mikells, senior vice president and chief financial officer. And then I'll just circle back, you asked a little bit about inflation. Yeah. 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. The question is obviously when, but that will come. Is it a Top Stock to Buy? You know, you all know, we, several years ago, had a strategy on maximizing oil recovery versus initial production rates. Proactive and consistent dialogue with stakeholders to address environmental, social and governance priorities. 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. Can you give us an update where you are in Mozambique and also in the Papua New Guinea LNG? Darren, I wonder if I could kick off first on disposals, another reasonable contribution from noncore asset sales. That spooled up in the first quarter. 1 Valero Way So, I was wondering if you could talk a little bit about the productivity trends and the driver of the strong results that you're seeing there and then, also, how you're thinking about the evolution of production for the balance of this year? That's investing in the business and competitively advantaged high-return projects. Look, these -- we all know these markets are volatile that they move up and down. Great. All right. 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. Before that he was the vice president responsible for Asia projects in ExxonMobil Development Company. TOP TIER certified fuel* and top-tier service at our Valero branded stations. Karen McKee, formerly president of ExxonMobil Chemical Company has been appointed to lead ExxonMobil Product Solutions. Good morning. 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. John Locke is Vice President and Treasurer. 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 think you're going to see some movement in that up and down. Apr 24 2023 - Wilmington, MA. Combining our engineering and research kind of groups collectively together. Thanks. ExxonMobil engineer Matthew McConomy explains how hes designing advanced recycling systems that can help harness the value of plastic waste. Hey, good morning. Sam Margolin -- Wolfe Research -- Analyst. 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. Honeyman graduated from Rice University in 1995 with a bachelor's degree in chemical engineering and a master's degree in environmental engineering. I think putting aside the press reports of the media, we've talked about this, I think, starting back in 2018. Good morning. Our executive team is committed to operations excellence, disciplined management of capital and long-term value. We've seen a lot of capacity coming on. And frankly, that's how you need to think about this business. 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. Sure. And then as we came out, those got turned back on again and come on to the marketplace. So, I feel good about the progress that we've got there -- we're making there. I just would make the final point that, you know, as we look at that -- at divestments, it is a value proposition. 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. In 2013, she became Vice President-Human Resources Administration & Refinery Operations, responsible for human resources in Valeros refinery operations, as well as labor relations, technical training, HR Information Services and payroll. Thanks for joining us today. We're never going to get out in front of the board of directors. We'll go next to Alastair Syme with Citi. So, what does a chief technology officer do exactly? And we'll go next to Devin McDermott with Morgan Stanley. I would describe those generally as looking to centralize kind of key functions across the company that have been done disparately previously. 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. 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. In 2015 he became ExxonMobil Chemical Company president, a position he held until taking his current position. 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. 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? That will give analysts more time to ask questions before we conclude at 8:30 a.m. Central Time. 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. 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? And at this time, I'd like to Earlier in his career, he worked as an operations accountant for Exxon Corp. He joined with predecessor Ultramar Diamond Shamrock (UDS), and in his current position with Valero is responsible for company strategy and innovation efforts. The ability of our low-carbon projects to compete successfully for capital is important if the world is going to meet its emissions aspirations. We've had -- we've traded for a long time. June 17, 2021, Who we are You typically see early in the year a lot of refining turnarounds, which take a lot of capacity offline in that lower-demand season. Bhullar holds a Bachelors degree in Economics and an MBA with a focus on investment management and energy finance, both from the University of Texas at Austin. He has been with the company since 1989 and has served in many leadership positions. April 27, 2023 at 06:45 AM EDT. Roger Read -- Wells Fargo Securities -- Analyst. 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. Jennifer Driscoll -- Vice President, Investor Relations. 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 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. And now, please turn to Slide 3 for Darren's remarks. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Operator. We don't see a lot of difference between what the conclusions they're coming up with and our conclusions. Today's call is being recorded. 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. 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. CIO. Mr. Woods joined Exxon Company International in 1992 as a planning analyst in Florham Park, New Jersey. We should hit the objective that we set back in 2018 probably sometime this year. Then I've got a quick follow-up, please. 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. Making the world smarter, happier, and richer. 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. Find your future. We've been, I think, pretty successful at consistently putting assets in the market and realizing the value of those. Mr. Chapman returned to ExxonMobil Chemical Company in 2011 as senior vice president in charge of the companys global polymers businesses. WebExxonMobil's key executives include Darren W. Woods and 13 others. 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. 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. 10 stocks we like better thanExxonMobilWhen our analyst team hasa stock tip, it can pay to listen. Yeah. WebBrad W. Corson was appointed chairman, president and chief executive officer of Imperial on January 1, 2020. He joins from Strides where he served as CIO. You know, a lot of simplification coming across that business as a result. So, that was a help in the first quarter, some of that feed optimization, and that'll play into it as well. We'll go next to Stephen Richardson with Evercore ISI. The -- this is really around trading on the value created through the transformation of molecules and developing products that people want and then moving those products around the world. 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. It keeps us on track to meet our target of $9 billion by the end of this year. Sure, and good morning, Biraj. Our diverse portfolio of advantaged businesses, improvements in mix, structural cost savings, excellence in execution are driving industry-leading earnings, cash flow, and shareholder value. We'll go next to Roger Read with Wells Fargo. Eric Honeyman serves as Vice President Renewables Operations & Low Carbon Fuels, serving previously as Vice President Refining Operations. Good day, everyone, and welcome to this ExxonMobil Corporation first quarter 2023 earnings call. At Premcor and its predecessor, Clark Refining & Marketing, he also held positions in strategic planning, mergers and acquisitions, and planning and economics. 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. 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. 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. 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. And then when those turnarounds are finished and capacity comes back out, you get a surge of supply. Thanks. In addition, he was responsible for all business activity and operations of Valeros assets in the United Kingdom and Ireland. 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. 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. 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. Materialise NV (NASDAQ: MTLS), a leading provider of So, that's how I would think about it. 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. If you look overall at where our number of -- I'd say different programs are driving savings for us. 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. That's work that we've got to demonstrate to ourselves. Fraser also has served as President of European Commercial Operations, overseeing the company's European commercial businesses, andVice President of Specialty Products Marketing. 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. In 2005, Mr. Woods was appointed vice president of ExxonMobil Chemical Company in Houston, Texas, where he managed global specialty-chemical businesses. 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. Last year, more recently, the combination of our upstream -- I'm sorry, our downstream and chem organization into our product solutions business. Does that change at all the way you look to manage your cash balances going forward? And I think we're striking a pretty even balance in that regard. 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. So, it's hard to stay disconnected with -- the margins eventually have to equilibrate on transportation differentials. There are always short-term disruptions. Can you characterize where you are in that process and what you think you might have still in front of you in terms of noncore asset sales? But that's down the road. She was promoted to Vice President-Human Resources and Administration in November 2015, and to her current position in January 2019. XOM earnings call for the period ending March 31, 2023. WebSenior Vice President, Chief Safety and Security Officer and Chief Technology Officer @ ABS Education Columbia University in the City of New York Bachelor's degree (Human Resources Management and Services) Tyson David Email Address Found 2 email address listings: @fairpoint.net @exxonmobil.com Tyson David Phone Number Found 4 phone Aug. 13, 2020. You know, and certainly, some of the more recent changes that we've made in the organization, we'd expect to drive efficiencies and effectiveness going forward from here. So, there will obviously be periods of time where things constrain that. Thanks for joining us today. Bram moved to San Antonio in 2006 to serve as Vice President-Northeast/West Coast Optimization, added Mid-Continent operations to his duties in 2007 and moved to a similar role over Gulf Coast operations in 2009. I wanted to ask a question on the downstream business and given your global reach there. In 2013, he transferred to Valero's Investor Relations department, before earning promotions to Vice President and ultimately Corporate Officer. By: Materialise via Business Wire. That has been what I would say is on a continuum of growth. Joe Gorder became Chairman of the Board on Dec. 31, 2014, and Chief Executive Officer on May 1, 2014. Former EVP of Development at Epic Games will lead innovation and technology strategy for Yuga's next stage of growth. 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. He also has served as Chief Commercial Officer and President of Valero Europe. Copyright 2003-2023 Exxon Mobil Corporation. Yeah. After leaving GE, she held finance leadership positions in banking, including the Canadian Imperial Bank of Commerce. I'll go ahead and take that, Sam. Prior to Valero, he worked for ExxonMobil in refinery operations. That's been a real focus of that organization. Rich Lashway is Senior Vice President-Corporate Development andStrategy. OK, Doug. Following a record year, ExxonMobil delivered the highest first quarter earnings in our history, even as energy prices and refining margins moderated from the fourth quarter. Search. And if you look at the production in the quarter, you guys reported 615,000 barrels a day. Yeah. In 2010, he was appointed vice president of supply and transportation, based in Fairfax, Virginia. Darren Woods is a graduate of Texas A&M University, where he earned a Bachelor of Science degree in electrical engineering. In 2008, he was named ExxonMobil Refining and Supply Companys director of refining for Europe, Africa and the Middle East, and was based in Brussels. Perspective And we certainly saw that with the China lockdowns. Welcome to ExxonMobil's first quarter 2023 earnings call. WebExxonMobil, one of the largest publicly traded international energy companies, uses technology and innovation to help meet the worlds growing energy needs. Prior to joining Valero, he was Refinery Manager at Premcor's Lima Refinery. But I think maintaining a long-term perspective and making sure our shareholders feel rewarded through the dividend policy is an underlying principle. All Rights Reserved. In simple terms, the Chief Technology Officer is the executive responsible for managing and driving value from technology within an organisation. Former EVP of Development at Epic Games will lead innovation and technology strategy for Yuga's next Dec. 22, 2020, Who we are Thank you, Darren. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. The Motley Fool has no position in any of the stocks mentioned. First, giant hedge fund D.E. Also, please remain on the line in case we need to ask any clarifying questions. The only other thing I'd add is, you know, we obviously brought on our Baton Rouge chemical expansion project late in the fourth quarter. The CTO aligns services responsible for computer operations and production, Today's call is being recorded. Rich Walsh serves as Senior Vice President and General Counsel. Private Company. Image source: The Motley Fool. 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 That's what the organization is going to be doing. And I'm just wondering where you are in that journey because, obviously, we've seen some exceptional volatility in 2022 and then earlier this year across oil and gas. 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. Prior to that role, Thomas served as Vice President of Retail Operations Support and Vice President of Retail Information Systems. 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. A couple of points, I think, as we're looking at the refining margin. In 2005, he was appointed vice president of ExxonMobil Chemical Companys global polyethylene business. How kind of general inflation within not just the oil field but, you know, in general, how that's affecting that? Thanks very much. Walsh has served in many different leadership roles within Valero's legal department. He is also a member of the Business Roundtable, the Business Council and the Texas A&M University Engineering Advisory Council. 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. 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. They're meant to accompany the first quarter earnings news release, which is posted in the same location. 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. We believe that this technology will address one of the largest environmental challenges of today, CO 2 emissions from industrial and commercial 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. That's been our history. Experience Chief Technology Officer ExxonMobil Jan 1999 - Present 24 years 4 months. And I would add, Sam, I think, you know, you mentioned history. So, we feel pretty good about our cash balance. We are committed to being an outstanding corporate citizen and employer, ESG: Environmental, Social and Governance. Hello, Darren and Kathy. 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. Mike Seavers Joins Yuga Labs as Chief Technology Officer. 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. I'm Jennifer Driscoll, vice president, investor relations. We'll go next to Doug Leggate with Bank of America. Tyson David - Safety and Security Manager - ExxonMobil - LinkedIn We can trade across those value chains. He previously served as President, and as Chief Operating Officer, responsible for refining operations and commercial operations in marketing, supply and transportation. Prior to joining Valero, Fisher worked for the law firm of Fulbright & Jaworski. I'm thinking about relative to prior cycles. We described some of them in our cautionary statement here on Slide 2. Our presentation and prerecorded remarks are available on the new investor relations section of our website. Good day, everyone, and welcome to this ExxonMobil Corporation first quarter 2023 earnings call. The interlocking value of our guiding principles is based on Safety, Environment, Community, Employees and Governance. The organizational changes we've already made are continuing to find things. 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. So, I think, you know, that's kind of the things to watch. Thank you. 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. Effective January 1, 2016, Mr. Woods was elected president of Exxon Mobil Corporation and a member of the board of directors. 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.