The jump came I think I couldn't remember if Jennifer said one question or one plus one follow-up. 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. I think good progress in both PNG and Mozambique. Analog Devices, Inc. (Nasdaq: ADI) today announced the appointment of Alan Lee to the position of Chief Technology Officer (CTO). ExxonMobil To Move Its HQ, Reorganize Business Structure - JPT In 2013, he transferred to Valero's Investor Relations department, before earning promotions to Vice President and ultimately Corporate Officer. Reinhart was promoted to Executive Director-Corporate Communications, directing internal and external messaging, and advanced to Vice President-Corporate Communications in 2010. He joined Valero in 2001 in the Risk Management Department. 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. As we said during our Low Carbon Solutions Spotlight earlier this month, our low-carbon projects must be advantaged and deliver competitive returns. Yeah. 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. And obviously, we'll be doing an update when we come to the end of the year, and so we'll talk in more detail about what we see from there on a go-forward basis. Koen Berges to Succeed Johan Albrecht. Mr. Woods joined Exxon Company International in 1992 as a planning analyst in Florham Park, New Jersey. OK. 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. In 2019, he assumed the role of Vice President Investor Relations, and was promoted to his current position in 2021. 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. *Stock Advisor returns as of April 24, 2023. Our expectation is that we'll continue to, I think, differentiate our production and what we're able to do versus many of the others -- many of our other competitors who started off on this best bench, high initial production rates. 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. 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. Operator. Neil Chapman joined the Exxon Mobil Corporation Management Committee as senior vice president in 2018. Obviously, the first I would make is we don't really pride ourselves on being able to forecast margins. That's been a real focus of that organization. I think three-month treasuries are at 5% today. 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. I think, you know, these -- like all of the businesses that we're in, the underlying drivers of the chemical margins tend to be the commodity chemicals that are driven by supply demand and the balances or imbalances in the supply demand. Global business solutions will centralize a majority of our finance and procurement operations, enabling us to deliver simplified corporatewide processes. Good day, everyone, and welcome to this ExxonMobil Corporation first quarter 2023 earnings call. And given what's happened to cracks and the general concerns around demand today, and, you know, granted, I think, Darren's commentary on the market was probably a bit more positive, but are there any concerns about adding capacity at a time where fundamentals appear to be weakening? I'm Jennifer Driscoll, vice president, investor relations. Can you give us an update where you are in Mozambique and also in the Papua New Guinea LNG? Thanks for taking my question. 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. Incentives included in the Inflation Reduction Act are a positive step forward, although permitting and other regulatory improvements are still needed. We would have seen, actually, the benefit of some of that in this recent quarter. I'll go ahead and take that, Sam. Karen McKee, formerly president of ExxonMobil Chemical Company has been appointed to lead ExxonMobil Product Solutions. It's really a question of how do we optimize and maximize the value, and that's been the focus from the very beginning and continue to be one. Experience Chief Technology Officer ExxonMobil Jan 1999 - Present 24 years 4 months. 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. 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. Bill Keillor - Vice President, Global Information Technology 1LIFE HEALTHCARE INC. In simple terms, the Chief Technology Officer is the executive responsible for managing and driving value from technology within an organisation. 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. He earned his undergraduate degree in economics from Texas A&M University and his Juris Doctor from the University of Texas School of Law. Paul Grewal, chief legal officer at Coinbase, sits down with CNBCs MacKenzie Sigalos at Consensus 2023 to discuss the companys response to the SECs June 17, 2021, Who we are And is 9 billion -- like is that the end of the program or is there something to happen beyond that? Like what we're doing there, I think we see some encouraging signs on the early stages of that, and we're going to keep pressing on that, maintain, you know, rigs and the capital levels that we've been talking about pretty consistently. 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. Marty Bray - Chief Technology Officer - ExxonMobil | LinkedIn Mr. Williams, a native of Mansfield, Ohio, is a member of the Society of Petroleum Engineers and a member of the Board of Visitors for the Vanderbilt School of Engineering. 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. By: Materialise via Business Wire. It's got to be one where what ExxonMobil brings to the table actually increases what either company would do independent of one another. Find contact details for 700 million professionals. It'll -- the question will be will we see the same thing this year, and I think time will tell. And so, I'd say you kind of have to take a step back from that noise in depreciation. In 2005, he was appointed vice president of ExxonMobil Chemical Companys global polyethylene business. Chief Technology Officer If You Do This, You Won't Have to Worry About Them, 1 Trillion-Dollar Growth Stock Down 28% You'll Regret Not Buying on the Dip, Join Over Half a Million Premium Members And Get More In-Depth Stock Guidance and Research, Copyright, Trademark and Patent Information. ExxonMobil She joined Valero in December 2006 as Managing Counsel-Labor & Employment, overseeing legal aspects of Valeros human resources policies, discipline, litigation and immigration. But I would just say, you know, generally, as we think about the dividend, we try to keep the long term in mind and also be extremely conscious of the commodity cycles and the variability and the volatility that we see in the marketplace and making sure that we establish a level of dividends that are reliable, sustainable, and I'd like to see those grow with time. You know, you can look up what people are earning on short-term cash. ExxonMobil Hebegan his career with Valero in 1999. 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. He also has studied international and English law at the University of Oxford in England, and has extensive international legal experience working in South America, Asia andEurope. I -- you know, it amazes me that -- the amount of questions that come up from this space. 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? In low carbon solutions, we're building momentum across several fronts. That's what you've seen us do. Prior to joining Valero, Locke worked at La Quinta Corporation and Ernst & Young LLP, in SEC reporting and audit and assurance roles, respectively. 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. The ExxonMobil Board of Directors elected Mr. Woods as Chairman and Chief Executive Officer, effective January 1, 2017. [Operator instructions] We'll go first to Neil Mehta with Goldman Sachs. Well, good morning. ExxonMobil ExxonMobil And, you know, in recent history, it's certainly true that we ran fairly lean on cash. Yeah. 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 Chief But one that is very focused on significantly growing the value proposition there, really around our footprint. So, I feel good about the progress that we've got there -- we're making there. Effective January 1, 2016, Mr. Woods was elected president of Exxon Mobil Corporation and a member of the board of directors. That's, I think, really what's going to underpin where we focus our attention. Chief Technology Officer Homer Bhullar is Vice President Investor Relations and Finance. All right. Darren Woods -- Chairman and Chief Executive Officer. I think that that completes our queue. And so, we've got a really streamlined and a good view of the marketplace. I think we've been pretty consistent as we've talked about it. And so, you've seen us in the last two years raise the dividend in the fourth quarter of the year. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. Fraser also has served as President of European Commercial Operations, overseeing the company's European commercial businesses, andVice President of Specialty Products Marketing. That's right -- theythink these 10stocks are even better buys. 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. In addition, he was responsible for all business activity and operations of Valeros assets in the United Kingdom and Ireland. He has been with the company since 1989 and has served in many leadership positions. Just if possible, a quick follow-up. chief Look, these -- we all know these markets are volatile that they move up and down. OK, Doug. As I said earlier, that has historically come out of Europe, and their cost structures have increased, and so that marginal barrel is now higher, which is underpinning higher Gulf Coast refining. WebExxonMobil, one of the largest publicly traded international energy companies, uses technology and innovation to help meet the worlds growing energy needs. Good day, everyone, and welcome to this ExxonMobil Corporation first quarter 2023 earnings call. 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. Massachusetts Institute of Technology. So, thank you, everybody, for your questions today. ExxonMobil CEO and key executive team | Craft.co We care about health and safety, and protecting our employees and neighbors. 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. 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 Thank you. 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. The digital watchtower - the importance of cybersecurity in the energy industry. So, if you'll allow me, I'll throw that at you. I would say our assessment is very consistent with Total's assessment. Welcome to ExxonMobil's first quarter 2023 earnings call. WebChief Technology Officer @ ExxonMobil; Executive Agent @ Firmdrex , , , , Not the Asger Michael you were looking for? *Average returns of all recommendations since inception. While at J.P. Morgan, Bhullar was part of the advisory teams for the spinoff of CST Brands Inc. and the formation of Valero Energy Partners LP. 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. 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. Energy Factor 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. 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. A couple of points, I think, as we're looking at the refining margin. ExxonMobil has a long history of leadership in the petroleum and petrochemical industries. He received his Bachelor of Business Administration and Master of Science degrees in accounting from Texas Tech University, where he also played football. He was earlier associated with Nissan Motor Corporation, Collabera, Safexpress Private Limited, IBM and Cognizant Technology. VANCOUVER, British Columbia, May 01, 2023 (GLOBE NEWSWIRE) Westport Fuel Systems Inc. (Westport or the Company) (TSX: WPRT / Nasdaq: WPRT), a global leader in low-emissions alternative fuel transportation technologies, today announced the appointment of Fabien G. Redon as the companys chief technology officer (CTO) and 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. So, I'd say we're very comfortable with where we stand. In addition, our Beaumont refinery expansion reached nameplate capacity in the quarter. Stock Market | FinancialContent Business Page 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 She previously served as Senior Vice President-Information Services for Valero, managing the companys Information Systems Development, Support and Infrastructure teams. 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? In 2007 he was appointed acting deputy attorney general by then-president George W Bush. We're pleased to have delivered $11.4 billion of earnings, a record first quarter following a record year. I think just I'd speak to maybe the LNG portfolio as a whole. So, that polypropylene unit that we brought on, it really -- what is a pretty low point in the polypropylene market to make earnings -- positive earnings on a brand-new piece of kit that starts up in the lowest of the cycle is, I think, a testament to the strength of the projects that we are investing in and bringing in online. Our board is committed to ongoing engagement with our stakeholders. 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 Spotify Chief Goes to Washington in His Crusade Against Apple Darren, can I ask, in Mozambique, Total seems to be optimistic about the security on the ground. So, I'd encourage you to look at that. But I think maintaining a long-term perspective and making sure our shareholders feel rewarded through the dividend policy is an underlying principle. And frankly, I think it's early with China. ExxonMobil And we certainly saw that with the China lockdowns. And so, that's kind of, I'd say, the underlying approach. 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. We're very much on track for the 9 billion at the end of this year relative to 2019. So, if economic activity is constrained, then chemical demand is constrained. ExxonMobil As you know, it's very tied to economic activity. 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 Lane Riggs serves as President and Chief Operating Officer, overseeing refining operations, engineering, projects and strategic sourcing organizations, commercial operations and renewables and logistics operations. And so, that platform gives our traders a great base to optimize off of. Chief Technology Officer Thomas earned a business administration degree in quantitative analysis from California State University-Fresno in 1983, graduating Magna Cum Laude. 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. 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. I would say we haven't changed our year-end targets, and so the guidance that we gave as part of the corporate plan discussion last year continues to hold. We like -- you know, we've brought talent in there. Combined with the strength of our balance sheet, we have the capability to win across a wide variety of market conditions and deliver strong returns while meeting the evolving needs of society, including the need to reduce emissions. 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. Meet Our Executive Team | Valero Our global projects organization would be a great example of that. Learn More, ExxonMobil(XOM 1.29%)Q12023 Earnings CallApr 28, 2023, 8:00 a.m. He previously served as President, and as Chief Operating Officer, responsible for refining operations and commercial operations in marketing, supply and transportation. Darren Woods is a graduate of Texas A&M University, where he earned a Bachelor of Science degree in electrical engineering. In 2005, Mr. Woods was appointed vice president of ExxonMobil Chemical Company in Houston, Texas, where he managed global specialty-chemical businesses. Aug. 13, 2020. Alan Lee was named the new chief technology officer at Wilmington's Analog Devices. Jason Fraser serves as Executive Vice President and Chief Financial Officer. 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. 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. And so, I mean, we're looking -- we're working really hard on our technology portfolio in the Permian. The margin, we saw a lot of capacity come on. 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. You know, that's part of an overall strategy of growing performance chemicals, along with growing high-value products across our product solutions business, be it performance chemicals or low-emission fuels, high-value lubes. Yeah. We'll go next to Roger Read with Wells Fargo. There is a unique value proposition there, and then my view would be we'll leverage that to the full extent that we can. And then as we came out, those got turned back on again and come on to the marketplace. In 2010, he was appointed vice president of supply and transportation, based in Fairfax, Virginia. The CTO aligns services responsible for computer operations and production, But I was wondering, Darren, if you could just address how and remind us how you're thinking about dividend growth, right, because we've got, you know, clear evidence here that you've got, you know, foundational earnings growth. The profits that come through trading are different quarter to quarter, but I'd say, year to year, pretty steady. We've made a number of different organizational changes over the past couple of years. We'll go next to Ryan Todd with Piper Sandler. Fisher began his career with Valero in 1997, when he joined Valeros Corporate Law Department. Today's call is being recorded. He is also a member of the Business Roundtable, the Business Council and the Texas A&M University Engineering Advisory Council. From 2007-2009, he was the vice president of engineering for ExxonMobil Production Company. Soon thereafter, Mark was promoted to Assistant Controller, and ultimately, Senior Vice President of Accounting, in 2012.
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