We like -- you know, we've brought talent in there. 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. And if you look at the production in the quarter, you guys reported 615,000 barrels a day. 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. So, we do like the progress that we've seen there. It is very well positioned on a cost of supply curve. 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. We'll go next to Alastair Syme with Citi. In 2014, Mr. Woods was elected senior vice president of Exxon Mobil Corporation. WebExxonMobil's key executives include Darren W. Woods and 13 others. Sure, and good morning, Biraj. Thanks. Darren, can I ask, in Mozambique, Total seems to be optimistic about the security on the ground. We like what we see there. Thank you, Darren. 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. So, you obviously have a big advantage with your refining footprint and your asset base. Thank you. 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. I wanted to ask about the results you're seeing there. We care about health and safety, and protecting our employees and neighbors. 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. Exactly what we're seeing today. 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. John Locke is Vice President and Treasurer. 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. Europe, by contrast, policy approach remains far more prescriptive and punitive. Materialise NV (NASDAQ: MTLS), a leading provider of And then in conjunction with that, the COVID impacts took a while for it to unwind through what I'd say is the global economy, which impacted chemical demand. 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. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. She is a native of Chicago. Tyson David - Safety and Security Manager - ExxonMobil - LinkedIn 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. We'll go next to Paul Cheng with Scotiabank. Reinhart was promoted to Executive Director-Corporate Communications, directing internal and external messaging, and advanced to Vice President-Corporate Communications in 2010. Copyright 2003-2023 Exxon Mobil Corporation. 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. Yeah. 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. Also, please note that we provided supplemental information at the end of our earnings slides, which are posted on the website. And then with Mozambique, obviously been on hold for a while given some of the challenges there, and we'll continue to keep a close eye on that. Can you give us an update where you are in Mozambique and also in the Papua New Guinea LNG? She was promoted to Vice President-Human Resources and Administration in November 2015, and to her current position in January 2019. Thanks. 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. We'll go next to Biraj Borkhataria with RBC. Good morning. Bhaskar Ghosh has been named chief strategy officer, effective immediately, with responsibility for the companys strategy and investments, including ventures and acquisitions. Ms. Mikells career in finance spans several industries. I'll give you this one plus one. I've talked about that in the past. How kind of general inflation within not just the oil field but, you know, in general, how that's affecting that? ExxonMobil has a long history of leadership in the petroleum and petrochemical industries. So, what does a chief technology officer do exactly? Have a nice weekend, everyone. And so, that -- the Europe set is the price setter for global markets ex-transportation. That's been our history. Prior to joining Valero, Locke worked at La Quinta Corporation and Ernst & Young LLP, in SEC reporting and audit and assurance roles, respectively. 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. So, that gives you, I'd say, a little bit of a characterization of where savings are coming from. Darren Woods, Chairman and Chief Executive Officer; Kathy Mikells, Senior Vice President and Chief Financial Officer; and Jennifer Driscoll, Vice President of And that's, I think, a commitment that I feel really strongly about. And as you move in the value chains, the opportunity to trade along that value chain and generate insights and advantage along the value chain changes pretty dramatically. We'll go next to Ryan Todd with Piper Sandler. Amazon.com Inc. is pulling the plug on its line of Halo health devices as Chief Executive Officer Andy Jassy seeks to 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. Thomas has served Valero and its predecessors since 1984. And so, we can now trade all along the entire length of the value chain. We do see some promising signs, but we'll have to see how that China demand and their economic activity picks up. He also holds a Master of Business Administration degree from Northwestern's Kellogg School of Management in Evanston, Illinois. Longer term, I think it comes back to what happens in China. Prior to joining Valero, Reinhart served as a Partner in the law firm of Bracewell & Giuliani LLP, where she defended employers in all phases of employment law. Where we're at now is that capacity is out there and on, and it's just a question of where demand goes. While Exxon has female leaders, the top tier management committee, comprised of the CEO and three to four senior vice presidents has remained all-male according to a Reuters' review of SEC filings dating to 2001. Welcome to ExxonMobil's first quarter 2023 earnings call. Mark Schmeltekopf serves as Senior Vice President and Chief Accounting Officer, with responsibility for the companys accounting, budgeting, forecasting and profit-planning procedures, as well as financial statements and reporting, and corporate tax functions. Greg Bram serves as corporate Vice President-Supply Chain Optimization, responsible for all economic analysis pertaining to Valero's refining operations. And then we've got -- as we continue to work on high grading the portfolio, continue to look at assets that we don't see are strategic necessarily or where we see potential value -- higher value for others, we'll continue to feed that divestment portfolio and market those assets. Morford was chief legal and compliance officer for Cardinal Health between 2008 and 2019. CIO. Just what I'd like to ask on the specific commentary about the 7.2 billion in savings, on track for the 9 billion this year, could you characterize a little bit where that's come from to date? And today, I feel pretty optimistic about that. Thomas earned a business administration degree in quantitative analysis from California State University-Fresno in 1983, graduating Magna Cum Laude. 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. 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. We've got some fairly diverse assets with respect to the ability to manage feed and change feedstocks around. Darren Woods -- Chairman and Chief Executive Officer. 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. I mean, our capital allocation approach, I think, has been very consistent and very clear. So, we're not -- we don't have to sell anything. I'll try and circle around that kind of suite of questions for you, Roger. Thank you. 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. 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. 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. Paul Grewal, chief legal officer at Coinbase, sits down with CNBCs MacKenzie Sigalos at Consensus 2023 to discuss the companys response to the SECs Alan Lee was named the new chief technology officer at Wilmington's Analog Devices. I think good progress in both PNG and Mozambique. And then when those turnarounds are finished and capacity comes back out, you get a surge of supply. We're pleased to have delivered $11.4 billion of earnings, a record first quarter following a record year. OK, Doug. 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. So, you know, that's a big part of our overall strategy and mixing up in both the chemical business and across our product solutions business, and we feel very good about the results that's bringing. We're never going to get out in front of the board of directors. We will post the transcript of our Q&A session on our new investor website in a few days. 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. Here with me are Darren Woods, chairman and chief executive officer; and Kathy Mikells, senior vice president and chief financial officer. Yeah. Before taking his current position, he was executive vice president of ExxonMobil Production Company. Other past positions include oversight of the companys North Slope and Cook Inlet interests in Anchorage, Alaska; deputy production manager for the companys South China Sea operations in Malaysia; two years in the U.S. upstream planning organization; operations superintendent for the company's East Texas field areas; and operations manager for the companys Gulf Coast and offshore California properties. Their exports have been higher in the first quarter, but, you know, it depends to see how those play out going forward. Image source: The Motley Fool. Uaru will provide an additional 250,000 barrels a day of gross capacity, with start-up targeted for 2026. Mr. Woods joined Exxon Company International in 1992 as a planning analyst in Florham Park, New Jersey. Prior to Valero, Bhullar was an Investment Banker focused on the Energy sector at J.P. Morgan and Citigroup. Energy Factor Aug. 13, 2020. Shaw got two new directors installed on the 12-person board. Experience Chief Technology Officer ExxonMobil Jan 1999 - Present 24 years 4 months. A CTO should have the business knowledge necessary to align technology-related decisions with the organization's goals. 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. It's obviously something that we look at regularly, and we know it's important to ensure that dividend is competitive and growing. Perspective We'll go next to Doug Leggate with Bank of America. Darren Woods is a graduate of Texas A&M University, where he earned a Bachelor of Science degree in electrical engineering. He started as a Director in Corporate Development and moved to Business Development in 2015, where he was promoted to Vice President in 2018. Cheryl Thomas serves as Senior Vice President and Chief Technology Officer, with responsibility for the companys information services network and related technology. TOP TIER certified fuel* and top-tier service at our Valero branded stations. Yeah. After all, the newsletter theyhave run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. In low carbon solutions, we're building momentum across several fronts. We're always looking for an opportunity for an acquisition and one that grows value and it's got to be value-accretive. 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. 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 So, I feel good about the progress that we've got there -- we're making there. Thanks. Sure. Does that change at all the way you look to manage your cash balances going forward? The progress we're making across the company is underpinned by the continuing evolution of our business model. What you tend to see in depreciation is some ebbs and flows associated with our asset management activities. And so, that moved to a value chain construct that we had early on between refining and downstream, but now have that with our product solutions organization. The margin, we saw a lot of capacity come on. Hey, good morning. While we're in a depletion business and, you know, we've got to work real hard to continue to bring volume on, we're not actually in the market to find volume. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. I would describe those generally as looking to centralize kind of key functions across the company that have been done disparately previously. Schmeltekopf joined Valero in 2003 as Executive Director of External Reporting. In 2006, Mr. Chapman served as executive assistant to the chairman of Exxon Mobil Corporation and in 2007 as president of ExxonMobil Global Services Company. We think that makes a lot of sense. Rich Walsh serves as Senior Vice President and General Counsel. Look, these -- we all know these markets are volatile that they move up and down. 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. 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 at this time, I'd like to ExxonMobil engineer Natalie Martinez discusses the companys efforts to scale up advanced recycling and her part in making it happen. The question is obviously when, but that will come. I'll start, and then I'll hand it over to Kathy to build on. So, it's hard to stay disconnected with -- the margins eventually have to equilibrate on transportation differentials. 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. 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, I think we're in -- that's an important context in terms of what we're seeing right now. He earned hisBachelor of Arts and Juris Doctor degrees from the University of Oklahoma. 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 The Permian is doing well. Actively improving the quality of life in neighboring communities. ExxonMobil 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 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. 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. So, we obviously take the company's working capital needs into consideration as we think about our balance sheet and our cash balance. So, if economic activity is constrained, then chemical demand is constrained. We are comfortable with everything we've got in the portfolio. Before coming to ExxonMobil, Ms. Mikells spent six years as chief financial officer for London-based Diageo, Plc.
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