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. But one that is very focused on significantly growing the value proposition there, really around our footprint. Analog Devices, Inc. (Nasdaq: ADI) today announced the appointment of Alan Lee to the position of Chief Technology Officer (CTO). Good day, everyone, and welcome to this ExxonMobil Corporation first quarter 2023 earnings call. Learn more about applying for a job with Team Valero. And then I'll just circle back, you asked a little bit about inflation. I think jet demand and transportation looks like it's kind of trending up. Mike Seavers Joins Yuga Labs as Chief Technology Officer 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. I've talked about that in the past. The Foundation of Our Success. XOM earnings call for the period ending March 31, 2023. 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. 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. Management Committee | ExxonMobil And then when those turnarounds are finished and capacity comes back out, you get a surge of supply. So, that's how I would think about it. Exxon Mobil 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 Shortly, Darren will provide opening comments and reference a few slides from this presentation. In 2013, he transferred to Valero's Investor Relations department, before earning promotions to Vice President and ultimately Corporate Officer. If you look overall at where our number of -- I'd say different programs are driving savings for us. Schmeltekopf joined Valero in 2003 as Executive Director of External Reporting. ExxonMobil So, I'd start by saying, overall, we feel really good about the progress that we've made. As a courtesy to other analysts, please limit yourself to a single question. Bill Keillor - Vice President, Global Information Technology Unlocking the potential of advanced recycling: Natalie Martinez. 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. Actively improving the quality of life in neighboring communities. I'd also say, as it relates to trading, generally, I mean, there are some near term, I would say, working capital that has to be brought in mind in terms of the trading organization. That has been what I would say is on a continuum of growth. Massachusetts Institute of Technology. The other point I would make is, you know, feed and feed optimization is a big part of the margin equation as well. Today's call is being recorded. Sure. 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? Sure, Doug. Former EVP of Development at Epic Games will lead innovation and technology strategy for Yuga's next stage of growth. So, our expectation as you head into the future is we'll continue to drive efficiencies and deliver structural cost savings onto the bottom line. This is true whether we're talking about the emissions reductions needed to put the world on a path to net zero or the production needed to provide Europe with affordable and reliable energy. We got high gas prices in Europe with, I think, the potential to go higher. This may be a bit of a follow-up on the questions previously about cost structure and the balance sheet. Chief Technology Officer Jack Williams was elected senior vice president of Exxon Mobil Corporation in 2014. 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. Kathy, do you want to add anything to that? WebThe chief technology officer (CTO) is the individual within an organization who oversees the current technology and creates relevant policy. And so, I mean, we're looking -- we're working really hard on our technology portfolio in the Permian. 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. So, that's how I think about it. And so, that's kind of, I'd say, the underlying approach. 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. The organizational changes we've already made are continuing to find things. Morford was chief legal and compliance officer for Cardinal Health between 2008 and 2019. And then obviously, we can balance disbursement -- shareholder disbursements with buybacks. ExxonMobil And I think we're striking a pretty even balance in that regard. Thanks for joining us today. So, I'd encourage you to look at that. So, I want to stick with the Permian, but I'm not going to ask an M&A question. Unlocking the potential of advanced recycling: Matthew McConomy. Thank you. He then served as Vice President-Investor and Corporate Communications, President-Europe, and Vice President-Investor Relations, Market Analysis & Strategic Planning, before assuming his current position. Obviously, Kathy was on the Wire this morning talking about how picky Exxon would be on M&A. Unlocking the potential of advanced recycling: Stephanie Westbrook. 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. Where we're at now is that capacity is out there and on, and it's just a question of where demand goes. 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. Thanks. So, there will obviously be periods of time where things constrain that. Sorry. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. I think we're seeing the results of that starting to manifest itself. 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. Prior to Valero, Bhullar was an Investment Banker focused on the Energy sector at J.P. Morgan and Citigroup. 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. Exactly what we're seeing today. 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. 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. ExxonMobil Our board is committed to ongoing engagement with our stakeholders. Sam Margolin -- Wolfe Research -- Analyst. 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. Good morning. But generally speaking, that happens. Exxons Humbling Fall From Oil Juggernaut to Mediocre Company Greg Bram serves as corporate Vice President-Supply Chain Optimization, responsible for all economic analysis pertaining to Valero's refining operations. In 2007 he was appointed acting deputy attorney general by then-president George W Bush. 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. 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. Just if possible, a quick follow-up. CIO. Karen McKee, formerly president of ExxonMobil Chemical Company has been appointed to lead ExxonMobil Product Solutions. 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 And do you guys still have concern on security or that you are going through the similar process to Total on the cost structure side? WebExxonMobil's key executives include Darren W. Woods and 13 others. 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. 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. After leaving GE, she held finance leadership positions in banking, including the Canadian Imperial Bank of Commerce. Chief Technology Officer Find contact details for 700 million professionals. And to the extent that we're very active in the Permian, we've got a really good anchor business there, and we're working real hard on opening up the value proposition of our current acreage with technology, that will open up, potentially, opportunities for acquisitions. We'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. Can you give us an update where you are in Mozambique and also in the Papua New Guinea LNG? I'm thinking about relative to prior cycles. Chief Technology Officer So, a caveat, everything I say with the recognition that given the impact that demand has on the margins, given the fairly static supply side of the equation, it's often difficult to know exactly where things are going to go. 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. WebExxonMobil, one of the largest publicly traded international energy companies, uses technology and innovation to help meet the worlds growing energy needs. 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 has been with the company since 1989 and has served in many leadership positions. I don't, frankly, see that changing in the short term. He earned his undergraduate degree in economics from Texas A&M University and his Juris Doctor from the University of Texas School of Law. And is 9 billion -- like is that the end of the program or is there something to happen beyond that? She has played a key role in restructuring Valeros Information Services Department and integrating recently acquired assets into Valeros complex systems. Our global projects organization would be a great example of that. He is also a member of the Business Roundtable, the Business Council and the Texas A&M University Engineering Advisory Council. Hey, good morning. Executive Team I think you're going to see some movement in that up and down. The CTO aligns services responsible for computer operations and production, Thank you, Darren. Earlier in his career, he worked as an operations accountant for Exxon Corp. So, we started growing that in 2018. Thanks. 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. Prior to joining Valero, he was Refinery Manager at Premcor's Lima Refinery. ExxonMobil to Release First Quarter 2023 Financial Results We'll go next to Stephen Richardson with Evercore ISI. 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? We certainly saw that coming out of the pandemic with some of the logistics constraints. He previously served as Senior Vice President-Supply, International Operations and Systems Optimization; and Vice President-Crude, Feedstock, Supply and Trading. Well, I think if you look at the plans we set ourselves, I think, back in 2018, where we talked about, particularly in the upstream, increasing our divestments and taking a very thoughtful approach there, making sure that we were positioning ourselves that when the market was right and we had interest from buyers that we had assets ready to sell and divest has worked fairly well. I think we've said in the past that as you look at production, the Permian is going to be a little bit lumpy, and so I wouldn't take any one data point, any one quarter's numbers and extrapolate from there. In 2014, Mr. Woods was elected senior vice president of Exxon Mobil Corporation. After receiving a Bachelor of Science from the University of Illinois, Ms. Mikells began her career in 1987 at General Electric Company as an investment analyst. So, we do like the progress that we've seen there. 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. A public charity and Valero's philanthropic arm. The organizations will focus on leveraging our scale to drive efficiencies, improve operating and financial results, and importantly, deliver an improved experience for customers, vendors, and our people. Thank you. 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. We'll go next to Biraj Borkhataria with RBC. Anjani Kumar has joined Tata AIG General Insurance Company Limited as Chief Technology Officer (CTO) and EVP. 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. Perspective I would just also mention that we're in a relatively unusual market environment compared to what we've seen in the past. Operator. So, my expectation is as these new organizations come together, they'll begin to find things. 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. Walsh has served in many different leadership roles within Valero's legal department. Find your future. 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. Now let's move to Q&A. 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. I suspect -- expect we'll still see some of that to come on here in the short term. 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. I -- you know, it amazes me that -- the amount of questions that come up from this space. 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. 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. 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. Westport Fuel Systems Welcomes New Executive Vice President Devin McDermott -- Morgan Stanley -- Analyst. 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 Soon thereafter, Mark was promoted to Assistant Controller, and ultimately, Senior Vice President of Accounting, in 2012. 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. ExxonMobil engineer Matthew McConomy explains how hes designing advanced recycling systems that can help harness the value of plastic waste. Chief Kathryn A. So, if economic activity is constrained, then chemical demand is constrained. 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. Chief Technology Officer Thomas earned a business administration degree in quantitative analysis from California State University-Fresno in 1983, graduating Magna Cum Laude.