Thanks for joining us today. Management Committee | ExxonMobil 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. He progressed through a number of domestic and international assignments for Exxon Company International, ExxonMobil Chemical Company and ExxonMobil Refining and Supply Company. Mr. Chapman returned to ExxonMobil Chemical Company in 2011 as senior vice president in charge of the companys global polymers businesses. We'll go next to Roger Read with Wells Fargo. Materialise NV Announces New Chief Financial Officer 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? The high quality of the directors, officers and employees of So, it's hard to stay disconnected with -- the margins eventually have to equilibrate on transportation differentials. Thank you so much. That -- I think -- you know, we've been developing that approach, fine-tuning it, you know, testing it, and evolving that concept. Where we're at now is that capacity is out there and on, and it's just a question of where demand goes. Schmeltekopf graduated Magna Cum Laude with a Bachelor of Business Administration degree from Texas State University in 1987. Good morning. Thomas has served Valero and its predecessors since 1984. Education From 2010 to 2013, Mr. Williams was president of XTO Energy Inc., which ExxonMobil acquired in 2010. Actively improving the quality of life in neighboring communities. This may be a bit of a follow-up on the questions previously about cost structure and the balance sheet. Thank you. 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. Koen Berges to Succeed Johan Albrecht. ExxonMobil engineer Matthew McConomy explains how hes designing advanced recycling systems that can help harness the value of plastic waste. If you look overall at where our number of -- I'd say different programs are driving savings for us. Apr 24 2023 - Wilmington, MA. And then with time, that'll get balanced out based on transportation differentials. We did a lot of work over the last couple of years to validate what we thought the opportunity size was there and what would be needed to get after that. Sure. Good day, everyone, and welcome to this ExxonMobil Corporation first quarter 2023 earnings call. FuelCell Energy Takes Step Toward Commercializing Carbon WebExxonMobil, one of the largest publicly traded international energy companies, uses technology and innovation to help meet the worlds growing energy needs. And that's, I think, a commitment that I feel really strongly about. 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. He has been with the company since 1989 and has served in many leadership positions. Thanks for taking my question. We will post the transcript of our Q&A session on our new investor website in a few days. He joined Esso Chemical Company in 1984 at the Fawley Refinery in the United Kingdom upon graduating from the University of Surrey. He joined with predecessor Ultramar Diamond Shamrock (UDS), and in his current position with Valero is responsible for company strategy and innovation efforts. The digital watchtower - the importance of cybersecurity in the energy industry. By: Materialise via Business Wire. So, thank you, everybody, for your questions today. 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. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. 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. 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. I think that that completes our queue. Maybe a question on the chemicals business. ExxonMobil ( XOM 1.28%) Q1 2023 Earnings Call. Aug. 30, 2022, Who we are And then just the last comment, like does the program end? We work very closely with Total, obviously, given the same exposures and the work that we're doing there together, so, I would tell you, it's kind of a hand-in-hand approach that we're taking there, sharing information. We'll go next to Alastair Syme with Citi. 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. So, I'll risk a follow-up very quickly. To make the world smarter, happier, and richer. Thomas earned a business administration degree in quantitative analysis from California State University-Fresno in 1983, graduating Magna Cum Laude. ExxonMobil Reinhart earned a Juris Doctor from Emory University in 1994, and a Bachelor of Arts degree in economics and statistics, with a certificate in actuarial science, from the University of Rochester in 1991. Hebegan his career with Valero in 1999. That's what the organization is going to be doing. 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. But I would -- I'd make the same. I think we've been pretty consistent as we've talked about it. So, I want to stick with the Permian, but I'm not going to ask an M&A question. San Antonio, TX 78249 In low carbon solutions, we're building momentum across several fronts. Yeah. We've now integrated our upstream into those value chains. Chief Spotify Chief Goes to Washington in His Crusade Against Apple I think we've got clear line of sight to some additional ones. Jason Gabelman -- Cowen and Company -- Analyst. 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. We're working with our partner there, Total. Sure. ExxonMobil (XOM) Q1 2023 Earnings Call Transcript 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. And at this time, I'd like to turn the call over to the vice president of investor relations, Mrs. Jennifer Driscoll. Prior to Valero, Bhullar was an Investment Banker focused on the Energy sector at J.P. Morgan and Citigroup. Cheryl Thomas serves as Senior Vice President and Chief Technology Officer, with responsibility for the companys information services network and related technology. And is 9 billion -- like is that the end of the program or is there something to happen beyond that? And so, you've seen us in the last two years raise the dividend in the fourth quarter of the year. Mr. Woods is currently chairman of the National Petroleum Council, and he serves on the board of directors of the American Petroleum Institute and the board of trustees of the Center for Strategic and International Studies. By: Materialise via Business Wire. Shortly, Darren will provide opening comments and reference a few slides from this presentation. 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. So, what does a chief technology officer do exactly? FuelCell Energy Takes Step Toward Commercializing Carbon Westport Fuel Systems Welcomes New Executive Vice President All Rights Reserved. Reinhart was promoted to Executive Director-Corporate Communications, directing internal and external messaging, and advanced to Vice President-Corporate Communications in 2010. This article is a transcript of this conference call produced for The Motley Fool. Jack Williams was elected senior vice president of Exxon Mobil Corporation in 2014. Chief Technology Officer Job Description and Skills. 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, 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. As a courtesy to other analysts, please limit yourself to a single question. chief Exactly what we're seeing today. Yeah. WebExxonMobil's key executives include Darren W. Woods and 13 others. 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. 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. ExxonMobil 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. Thanks for taking my question. If you have a higher kind of exposure to trading, maybe you would like to run with a higher cash balance generally. 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. 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 You saw sequential margin improvement in your chemicals products business driven by advantaged ethane pricing. ExxonMobil 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. Find your future. 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 earned hisBachelor of Arts and Juris Doctor degrees from the University of Oklahoma. We can trade across those value chains. And that -- the value of that opportunity will manifest itself in our business. Does that change at all the way you look to manage your cash balances going forward? And so, I mean, we're looking -- we're working really hard on our technology portfolio in the Permian. Find contact details for 700 million professionals. In 1999, he moved to Investor Relations, and in 2004 was named Vice President of Investor Relations. Prior to joining Valero, Locke worked at La Quinta Corporation and Ernst & Young LLP, in SEC reporting and audit and assurance roles, respectively. I would say our assessment is very consistent with Total's assessment. Yeah. ExxonMobil's supply chain will consolidate supply chain activities globally. We're making good progress there. Hi. As you know, it's very tied to economic activity. 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. Analog Devices, Inc. (Nasdaq: ADI) today announced the appointment of Alan Lee to the position of Chief Technology Officer (CTO). 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. Yeah. 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. That's investing in the business and competitively advantaged high-return projects. Unlocking the potential of advanced recycling: Stephanie Westbrook. It's strong sequential growth versus 4Q and also puts you already in line with that 10% growth target that you had laid out for 2023. Rich Lashway is Senior Vice President-Corporate Development andStrategy. We're never going to get out in front of the board of directors. Yeah. Last year, more recently, the combination of our upstream -- I'm sorry, our downstream and chem organization into our product solutions business. 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. 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. Chief Technology Officer From 2007-2009, he was the vice president of engineering for ExxonMobil Production Company. I'll delicately ask this question if I may. Bhaskar Ghosh has been named chief strategy officer, effective immediately, with responsibility for the companys strategy and investments, including ventures and acquisitions. I think jet demand and transportation looks like it's kind of trending up. The CTO aligns services responsible for computer operations and production, 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. 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. With that, operator, please open up the line for our first question. Honeyman graduated from Rice University in 1995 with a bachelor's degree in chemical engineering and a master's degree in environmental engineering. I would describe those generally as looking to centralize kind of key functions across the company that have been done disparately previously. Walsh has served in many different leadership roles within Valero's legal department. 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? ExxonMobil Great. That's been a real focus of that organization. OK. You know, a lot of simplification coming across that business as a result. Yeah. chief ExxonMobil We are committed to being an outstanding corporate citizen and employer, ESG: Environmental, Social and Governance. Incentives included in the Inflation Reduction Act are a positive step forward, although permitting and other regulatory improvements are still needed. 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 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. 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 I just want to ask you if you feel that you need to backfill your Permian position at any time in the future, and I'll leave it there. 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? After all, the newsletter theyhave run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. ExxonMobil To Move Its HQ, Reorganize Business Structure - JPT You know, one is just improving the overall productivity across our workforce. 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. 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. I just would make the final point that, you know, as we look at that -- at divestments, it is a value proposition. I appreciate the answer. Image source: The Motley Fool. I'll give you this one plus one. ET. Fisher began his career with Valero in 1997, when he joined Valeros Corporate Law Department. 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 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. So, we obviously take the company's working capital needs into consideration as we think about our balance sheet and our cash balance. Chief Technology Officer (CTO Homer Bhullar is Vice President Investor Relations and Finance. With that, let me turn the call over to Jennifer. I'm Jennifer Driscoll, vice president, investor relations. 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. Good morning, Neil. So, obviously, you know, if additional capacity comes on that's much lower cost and that supply overwhelms any growth in demand, then we'll see the marginal price setter change. So, I'd start by saying, overall, we feel really good about the progress that we've made. And then obviously, we can balance disbursement -- shareholder disbursements with buybacks. 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 would say, generally speaking, we like what we're seeing in terms of productivity in the Permian. 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. Tyson David - Safety and Security Manager - ExxonMobil - LinkedIn You typically see early in the year a lot of refining turnarounds, which take a lot of capacity offline in that lower-demand season. Global trading will bring together expertise from across the company in crude, products, natural gas, power, and marine-freight trading. But that's down the road. And, you know, if there's any thought around kind of the absolute level of cash today and really what's optimal. I would say the short answer is no. 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. As we said during our Low Carbon Solutions Spotlight earlier this month, our low-carbon projects must be advantaged and deliver competitive returns. My view is success in technology and developing proprietary technology, which improves either resource recovery or the cost of developing that resource, whatever that is, whatever value lever our technology can bring to the table, that obviously opens up deals space. ExxonMobil We like what we see there. Massachusetts Institute of Technology. We like -- you know, we've brought talent in there. 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. There is a unique value proposition there, and then my view would be we'll leverage that to the full extent that we can. John Locke is Vice President and Treasurer. This ongoing success reflects the hard work of our people, executing our strategic priorities and fully leveraging our competitive advantages. Riggs earned his Bachelor of Science degree in chemical engineering from the University of Oklahoma and his Master of Business Administration degree with an emphasis in finance and economics from West Texas A&M University. The organizational changes we've already made are continuing to find things. Good morning. 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.
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