Executive Team And if you look at the production in the quarter, you guys reported 615,000 barrels a day. A couple of points, I think, as we're looking at the refining margin. We're working with our partner there, Total. WebExxonMobil's key executives include Darren W. Woods and 13 others. Longer term, I think it comes back to what happens in China. I'll delicately ask this question if I may. What I would say is as you look at where we're at today, I mean, this is seasonally a low point as you head into second quarter then third quarter and driving season, when you tend to see supply and demand tighten up and margins improve. Thanks. Exxon Mobil's compensation committee approved an increase in the annual salary of Chief Executive Officer Darren Woods to $1.88 million from $1.70 million this And so, when we're selling assets, sometimes we're taking a small impairment that runs through depreciation. 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. But if you go further back to some of the really high cycles, we carried more cash, and it reflected the commodity cycle and the nature that, typically, we're bringing in a lot of cash at the top of the commodity cycle. Thanks. She is a native of Chicago. I think we've been pretty consistent as we've talked about it. Well, good morning. 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. She previously served as Senior Vice President-Information Services for Valero, managing the companys Information Systems Development, Support and Infrastructure teams. 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. Operator. We've had our own security folks out there assessing the situation. ExxonMobil's supply chain will consolidate supply chain activities globally. It keeps us on track to meet our target of $9 billion by the end of this year. Earlier in his career, he worked as an operations accountant for Exxon Corp. But generally speaking, that happens. Thomas has served Valero and its predecessors since 1984. ExxonMobil As you know, it's very tied to economic activity. 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. And so, that's a big area of savings for us, and that's another organization that we have recently centralized in our global operations and sustainability group. So, I'll risk a follow-up very quickly. Yeah. He joined the company from AMD, where he served as head of research and advanced development. He joined Valero in 2005 as part of the Premcor acquisition, serving as Refinery Manager of the Memphis refinery at the time. High-quality, Valero Branded Stations. We described some of them in our cautionary statement here on Slide 2. We'll go next to Ryan Todd with Piper Sandler. You're adding base capacity downstream. Our board is committed to ongoing engagement with our stakeholders. And as the situation improves and we feel comfortable that we can successfully go in there and develop the project, we'll take steps to go do that in conjunction with Total and the work that they're doing there. 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? So, if you'll allow me, I'll throw that at you. We are committed to being an outstanding corporate citizen and employer, ESG: Environmental, Social and Governance. He was earlier associated with Nissan Motor Corporation, Collabera, Safexpress Private Limited, IBM and Cognizant Technology. 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. Stock Market | FinancialContent Business Page Chief Technology Officer Job Description and Skills. 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. 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. K. A. Mikells Senior Vice President and Chief Financial Officer (1) C. S. Morford Vice President, General Counsel and Secretary ( 1) D. L. Talley Vice President-Corporate Strategic Planning (1) D. G. Wascom Vice I'm Jennifer Driscoll, vice president, investor relations. 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. 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. ExxonMobil (XOM) Q1 2023 Earnings Call Transcript And so, I think, you know, our organizational construct today gives us a much better line of sight and opportunity to optimize in the trading space. Coinbase chief legal officer Paul Grewal on company's heated 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. 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. Darren Woods is a graduate of Texas A&M University, where he earned a Bachelor of Science degree in electrical engineering. 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. He was earlier associated with Nissan Motor Corporation, Collabera, Safexpress Private Limited, IBM and Cognizant Technology. 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? Thanks for taking the question. We are comfortable with everything we've got in the portfolio. I think three-month treasuries are at 5% today. Mike Seavers Joins Yuga Labs as Chief Technology Officer 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. And so, that's kind of, I'd say, the underlying approach. Stock Market | FinancialContent Business Page Energy Factor That's what you've seen us do. June 17, 2021, Who we are Yeah. Thanks very much. Former EVP of Development at Epic Games will lead innovation and technology strategy for Yuga's next WebExxonMobil, one of the largest publicly traded international energy companies, uses technology and innovation to help meet the worlds growing energy needs. Search. *Average returns of all recommendations since inception. WebThe chief technology officer (CTO) is the individual within an organization who oversees the current technology and creates relevant policy. WebExxonMobil. 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. I would just also mention that we're in a relatively unusual market environment compared to what we've seen in the past. 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. Their exports have been higher in the first quarter, but, you know, it depends to see how those play out going forward. 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? 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. In terms of the Papua New Guinea, is there expansion talk? 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. Schmeltekopf joined Valero in 2003 as Executive Director of External Reporting. Exxonmobil Chief 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. Compared to the first quarter of 2022, we added about 300,000 oil-equivalent barrels per day to global supply, primarily from a 40% increase in production from Guyana and the Permian Basin. And so, that's the model that I have in my mind. ExxonMobil engineer Matthew McConomy explains how hes designing advanced recycling systems that can help harness the value of plastic waste. Dec. 22, 2020, Who we are He joined Valero in 2001 in the Risk Management Department. Good morning. 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. 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. He is a Certified Internal Auditor, Certified Information Systems Auditor and Certified Fraud Examiner. 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. We'll go next to Alastair Syme with Citi. 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? ExxonMobil (XOM) Q1 2023 Earnings Call Transcript Our management team And frankly, that's how you need to think about this business. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. ExxonMobil's average debt rate is about 3%. Obviously, Kathy was on the Wire this morning talking about how picky Exxon would be on M&A. 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 Thanks for taking my question. Bill Keillor - Vice President, Global Information Technology Good day, everyone, and welcome to this ExxonMobil Corporation first quarter 2023 earnings call. Alan Lee was named the new chief technology officer at Wilmington's Analog Devices. The sound science of cleaner energy: Jenny Seagraves. 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. I mean, our capital allocation approach, I think, has been very consistent and very clear. 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. By: Materialise via Business Wire. Private Company. ExxonMobil 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. That's work that we've got to demonstrate to ourselves. Those are embedded in the plans that we shared with you last December. Darren, I wonder if I could kick off first on disposals, another reasonable contribution from noncore asset sales. I'll give you this one plus one. Today's call is being recorded. I think you're going to see some movement in that up and down. The Motley Fool has no position in any of the stocks mentioned. ExxonMobil TOP TIER certified fuel* and top-tier service at our Valero branded stations. 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. We'll go next to Jason Gabelman with TD Cowen. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. Unlocking the potential of advanced recycling: Stephanie Westbrook. 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. 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. From 2007-2009, he was the vice president of engineering for ExxonMobil Production Company. 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. Exxon Mobil adds first woman top-tier executive with external CFO 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. Image source: The Motley Fool. Greg Bram serves as corporate Vice President-Supply Chain Optimization, responsible for all economic analysis pertaining to Valero's refining operations.
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