Hebegan his career with Valero in 1999. In 2015 he became ExxonMobil Chemical Company president, a position he held until taking his current position. 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 may be a bit of a follow-up on the questions previously about cost structure and the balance sheet. Yeah. Mike Seavers Joins Yuga Labs as Chief Technology Officer. I'd say specifically and working through project concepts and designs and making sure that we're developing projects that are going to be on that left-hand side of the cost of supply curve, and bringing on production is very competitive in the marketplace to make sure that, for the long-term, we have a robust supply point there. Locke has since served in leadership roles over Strategic Planning, Public Policy, and Communications. So, thank you, everybody, for your questions today. OK. Obviously, the first I would make is we don't really pride ourselves on being able to forecast margins. Yeah. And so, when we're selling assets, sometimes we're taking a small impairment that runs through depreciation. Global business solutions will centralize a majority of our finance and procurement operations, enabling us to deliver simplified corporatewide processes. Exxon has faced pressure from investors to shake up its leadership in the executive suite and its board of directors after years of poor returns and as other global oil majors invest more heavily in the energy transition. Mikells is the first woman and first external hire to enter Exxon's uppermost echelon. We certainly saw that coming out of the pandemic with some of the logistics constraints. Cheryl Thomas serves as Senior Vice President and Chief Technology Officer, with responsibility for the companys information services network and related technology. We would have seen, actually, the benefit of some of that in this recent quarter. 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. Welcome to ExxonMobil's first quarter 2023 earnings call. The Foundation of Our Success. 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. So, you know, right now, we're not incurring a negative cost of carry on that cash balance, and that's certainly one of the things that we look at as well. 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. But generally speaking, that happens. Thanks for joining us today. That's, I think, really what's going to underpin where we focus our attention. You know, it's important for us to have a really strong balance sheet in order to ensure that, you know, we stick to our capital allocation priorities through the cycle, right? Their exports have been higher in the first quarter, but, you know, it depends to see how those play out going forward. 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. Darren, I wonder if I could kick off first on disposals, another reasonable contribution from noncore asset sales. We're making good progress there. 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. 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 Independent and Diverse Board of Directors. I wanted to ask about the results you're seeing there. The progress we're making across the company is underpinned by the continuing evolution of our business model. 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. It's only if we find a valuable opportunity to do that. I think you're going to see some movement in that up and down. But in 2021, Exxon Mobil Chairman and CEO Darren Woods faced a rebellion from his board. Learn More, ExxonMobil(XOM 1.29%)Q12023 Earnings CallApr 28, 2023, 8:00 a.m. *Average returns of all recommendations since inception. Perspective Rich Walsh serves as Senior Vice President and General Counsel. Earnings in our product solutions business benefited from the team's solid operational execution, with top-quartile turnaround cost and schedule performance during a particularly heavy planned maintenance period. And so, that's the model that I have in my mind. We've got some fairly diverse assets with respect to the ability to manage feed and change feedstocks around. We're very much on track for the 9 billion at the end of this year relative to 2019. CIO. So, it's hard to stay disconnected with -- the margins eventually have to equilibrate on transportation differentials. A couple of points, I think, as we're looking at the refining margin. Those are embedded in the plans that we shared with you last December. I'll delicately ask this question if I may. I've talked about that in the past. 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 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. Learn more about applying for a job with Team Valero. Sure. ExxonMobil engineer Matthew McConomy explains how hes designing advanced recycling systems that can help harness the value of plastic waste. Good morning. What you tend to see in depreciation is some ebbs and flows associated with our asset management activities. We're always looking for an opportunity for an acquisition and one that grows value and it's got to be value-accretive. 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. April 27, 2023 at 06:45 AM EDT. "Kathy" Mikells joined Exxon Mobil Corporation in August 2021 as senior vice president and chief financial officer. (210) 345-2000. So, I think, you know, looking at the numbers, what sort of jumps off the page is the cash balance, and you've been pretty transparent about this topic, and you know the imperative to build a fortress balance sheet. That -- I think -- you know, we've been developing that approach, fine-tuning it, you know, testing it, and evolving that concept. And so, we've got a really streamlined and a good view of the marketplace. Experience Chief Technology Officer ExxonMobil Jan 1999 - Present 24 years 4 months. WebExxonMobil's key executives include Darren W. Woods and 13 others. 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. She previously served as Senior Vice President-Information Services for Valero, managing the companys Information Systems Development, Support and Infrastructure teams. Thanks very much. Jack Williams was elected senior vice president of Exxon Mobil Corporation in 2014. ExxonMobil engineer Natalie Martinez discusses the companys efforts to scale up advanced recycling and her part in making it happen. Walsh has served in many different leadership roles within Valero's legal department. 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. And so, it's really about making sure that what we do there is sustainable for the long term. And today, I feel pretty optimistic about that. It's obviously something that we look at regularly, and we know it's important to ensure that dividend is competitive and growing. As you know, it's very tied to economic activity. We described some of them in our cautionary statement here on Slide 2. Obviously, Kathy was on the Wire this morning talking about how picky Exxon would be on M&A. And we'll go next to Devin McDermott with Morgan Stanley. He is a Certified Internal Auditor, Certified Information Systems Auditor and Certified Fraud Examiner. And so, I would just think of it as a progression, a continuation with what we believe is huge opportunity, and we're going to do that in a very thoughtful controlled pace. Prior to Valero, Bhullar was an Investment Banker focused on the Energy sector at J.P. Morgan and Citigroup. In 2005, Mr. Woods was appointed vice president of ExxonMobil Chemical Company in Houston, Texas, where he managed global specialty-chemical businesses. 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. 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. With that, let me turn the call over to Jennifer. The organizational changes we've already made are continuing to find things. I think we've been pretty consistent as we've talked about it. Hi, guys. In terms of the Papua New Guinea, is there expansion talk? Thanks for the question. Internally, we don't actually manage this as, hey, there's a one-time period that we're focused on as opposed to we are focused on continuing to drive structural cost savings over time. Additionally, we look forward to connecting again on May 31st for our annual shareholders' meeting. 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. And I think we're striking a pretty even balance in that regard. A CTO should have the business knowledge necessary to align technology-related decisions with the organization's goals. Aug. 13, 2020. Invest better with The Motley Fool. Koen Berges to Succeed Johan Albrecht. So, you obviously have a big advantage with your refining footprint and your asset base. Is it a Top Stock to Buy? And we're now, I'd say, in execution mode with respect to putting the organization together, putting in the support systems, bringing in the talent, developing the talent, and growing the talent in that space. So, we feel really good about where we're at today on our balance sheet. Ms. Mikells serves on the board of Hartford Financial Services Group. 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. WebExxonMobil's key executives include Darren W. Woods and 13 others. Effective On May 1st, two new enterprisewide organizations will be up and running. To make the world smarter, happier, and richer. Sure, I'll take that. He previously served as President, and as Chief Operating Officer, responsible for refining operations and commercial operations in marketing, supply and transportation. Kathy, do you want to add anything to that? We got high gas prices in Europe with, I think, the potential to go higher. So, on the Beaumont expansion, can you talk about how the capacity is being absorbed in the market? 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 And so, I'd say you kind of have to take a step back from that noise in depreciation. We care about health and safety, and protecting our employees and neighbors. ExxonMobil technologist Stephanie Westbrook discusses the companys efforts to scale up advanced recycling and her role in making it happen. And at this time, I'd like to And so, that -- the Europe set is the price setter for global markets ex-transportation. Unlocking the potential of advanced recycling: Stephanie Westbrook. He is also a member of the Business Roundtable, the Business Council and the Texas A&M University Engineering Advisory Council. 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. 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. In addition, our Beaumont refinery expansion reached nameplate capacity in the quarter. WebThe chief technology officer (CTO) is the individual within an organization who oversees the current technology and creates relevant policy. He joined the company from AMD, where he served as head of research and advanced development. Our global projects organization would be a great example of that. We've now integrated our upstream into those value chains. [Operator instructions] We'll go first to Neil Mehta with Goldman Sachs. In 1994, after earning a Master of Business Administration in Finance from the University of Chicago, she began a 16-year career at United Airlines Holdings Incorporated, where she served in several corporate planning and financial roles before being appointed senior vice president and chief financial officer in 2008. And I think I'll just -- you know, I'll catch that with, historically, you know, Exxon had kept a very lean balance sheet on both sides relative to sort of the production base and the cash flow base. He earned hisBachelor of Arts and Juris Doctor degrees from the University of Oklahoma. With that, operator, please open up the line for our first question. Am I wrong in that, or is there -- any color would be helpful. Prior to Bracewell, she practiced law at Troutman Sanders in Atlanta, with a short secondment to CNN as in-house labor and employment counsel, and the State of Georgia as an Assistant State Attorney General. And frankly, that's how you need to think about this business. She joined Valero in December 2006 as Managing Counsel-Labor & Employment, overseeing legal aspects of Valeros human resources policies, discipline, litigation and immigration. We will post the transcript of our Q&A session on our new investor website in a few days. In 1999, he moved to Investor Relations, and in 2004 was named Vice President of Investor Relations. Amazon.com Inc. is pulling the plug on its line of Halo health devices as Chief Executive Officer Andy Jassy seeks to
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