The ExxonMobil Board of Directors elected Mr. Woods as Chairman and Chief Executive Officer, effective January 1, 2017. Materialise NV (NASDAQ: MTLS), a leading provider of The progress we're making across the company is underpinned by the continuing evolution of our business model. All Rights Reserved. So, just to be clear, we've talked about a specific time period externally because we thought that would be helpful in transparency. 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. Welcome to ExxonMobil's first quarter 2023 earnings call. I'm just wondering how vigorously are you pursuing this opportunity and how long do you expect it to take to get to where you want to be on the trading front. And frankly, that's how you need to think about this business. 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. In 2015 he became ExxonMobil Chemical Company president, a position he held until taking his current position. We described some of them in our cautionary statement here on Slide 2. WebExxonMobil's key executives include Darren W. Woods and 13 others. Today's call is being recorded. That way, we can accommodate more questions from more people. This 250,000 barrels-a-day expansion is the largest U.S. refinery addition in a decade, helping meet society's ongoing need for transportation fuels. In 2013, he transferred to Valero's Investor Relations department, before earning promotions to Vice President and ultimately Corporate Officer. We like -- you know, we've brought talent in there. This may be a bit of a follow-up on the questions previously about cost structure and the balance sheet. And so, we've got a really streamlined and a good view of the marketplace. Our global projects organization would be a great example of that. 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. Prior to Valero, Bhullar was an Investment Banker focused on the Energy sector at J.P. Morgan and Citigroup. 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's investing in the business and competitively advantaged high-return projects. Then I've got a quick follow-up, please. Neil Chapman joined the Exxon Mobil Corporation Management Committee as senior vice president in 2018. 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. That has been, you know, a source of not only demand but also of exports. We actually have put an additional disclosure in our press release. This article is a transcript of this conference call produced for The Motley Fool. Does that change at all the way you look to manage your cash balances going forward? We're pleased to have delivered $11.4 billion of earnings, a record first quarter following a record year. Yeah. Amazon.com Inc. is pulling the plug on its line of Halo health devices as Chief Executive Officer Andy Jassy seeks to The US energy firm said cost-cutting measures also contributed to its record $11.4bn (9.1bn) first-quarter profits, up from $5.5bn a year earlier. 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. We're very much on track for the 9 billion at the end of this year relative to 2019. It's really a question of how do we optimize and maximize the value, and that's been the focus from the very beginning and continue to be one. The high quality of the directors, officers and employees of 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. I'll start that, then, Kathy, if you got anything to add to it. Jennifer Driscoll -- Vice President, Investor Relations. So, what does a chief technology officer do exactly? 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. 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? 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. We believe that this technology will address one of the largest environmental challenges of today, CO 2 emissions from industrial and commercial 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 *Average returns of all recommendations since inception. I'll go ahead and take that, Sam. So, that's how I would think about it. If you have a higher kind of exposure to trading, maybe you would like to run with a higher cash balance generally. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. Koen Berges to Succeed Johan Albrecht. WebChief Technology Officer @ ExxonMobil; Executive Agent @ Firmdrex , , , , Not the Asger Michael you were looking for? There are always short-term disruptions. And what triggered our emphasis on China trade and the emphasis that we're putting on trade is the reorganization that we made coming out of the functional organizational construct into value chains. As a courtesy to other analysts, please limit yourself to a single question. Good morning. In addition, our Beaumont refinery expansion reached nameplate capacity in the quarter. Sure, I'll take that. The Foundation of Our Success. And as a reminder, we would like you to limit yourselves to a single question. You know, you all know, we, several years ago, had a strategy on maximizing oil recovery versus initial production rates. In 2013, she became Vice President-Human Resources Administration & Refinery Operations, responsible for human resources in Valeros refinery operations, as well as labor relations, technical training, HR Information Services and payroll. ET. The CTO aligns services responsible for computer operations and production, So, that gives you, I'd say, a little bit of a characterization of where savings are coming from. We would have seen, actually, the benefit of some of that in this recent quarter. Unlocking the potential of advanced recycling: Stephanie Westbrook. 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. At Premcor and its predecessor, Clark Refining & Marketing, he also held positions in strategic planning, mergers and acquisitions, and planning and economics. June 17, 2021, Who we are She is a native of Chicago. So, on the Beaumont expansion, can you talk about how the capacity is being absorbed in the market? And so, you've seen us in the last two years raise the dividend in the fourth quarter of the year. Koen Berges to Succeed Johan Albrecht. Where we're at now is that capacity is out there and on, and it's just a question of where demand goes. Schmeltekopf joined Valero in 2003 as Executive Director of External Reporting. Operator. OK, Doug. Mike Seavers Joins Yuga Labs as Chief Technology Officer. High-quality, Valero Branded Stations. 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. 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. Apr 24 2023 - Wilmington, MA. With respect to that, we've had good progress with the government in PNG in terms of getting the agreements that we need signed and helping us move forward. You know, and certainly, some of the more recent changes that we've made in the organization, we'd expect to drive efficiencies and effectiveness going forward from here. Search. 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. Gorder served as Valeros Executive Vice President-Marketing and Supply, following tenure as Senior Vice President for Corporate Development and Strategic Planning. Good morning. I think just I'd speak to maybe the LNG portfolio as a whole. 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. 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. Thanks for joining us today. Thank you, Mrs Driscoll. 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. If we see similar levels of exports as we saw last year, my expectation was that'll put additional upward pressure on the margin. Kathryn A. 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. 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. Valero Headquarters 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. Learn about our production and sale of renewable diesel, a low-carbon fuel. Thanks. Uaru will provide an additional 250,000 barrels a day of gross capacity, with start-up targeted for 2026. 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. 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. And if you look at the production in the quarter, you guys reported 615,000 barrels a day. Sure, and good morning, Biraj. 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. 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. You know, a lot of simplification coming across that business as a result. So, I'd say we're very comfortable with where we stand. Making the world smarter, happier, and richer. 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? Private Company. 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. The organizational changes we've already made are continuing to find things. 10 stocks we like better thanExxonMobilWhen our analyst team hasa stock tip, it can pay to listen. A couple of points, I think, as we're looking at the refining margin. And frankly, I think it's early with China. Prior to attending the University of Texas, Fraser served in the U.S. Army in 1986-1990. So, we're not -- we don't have to sell anything. Hi. Maybe a question on the chemicals business. Jason Gabelman -- Cowen and Company -- Analyst. Combining our engineering and research kind of groups collectively together. Thanks for taking the question. He joined Esso Chemical Company in 1984 at the Fawley Refinery in the United Kingdom upon graduating from the University of Surrey. You saw sequential margin improvement in your chemicals products business driven by advantaged ethane pricing. The margin, we saw a lot of capacity come on. Apr 24 2023 - Wilmington, MA. Ms. Mikells serves on the board of Hartford Financial Services Group. Just if possible, a quick follow-up. He began his career in 1987 as a process engineer at Amoco Oil's Whiting Refinery, progressing through various engineering, operations and planning positions. He also holds a Master of Business Administration degree from Northwestern's Kellogg School of Management in Evanston, Illinois. Sam Margolin -- Wolfe Research -- Analyst. She has played a key role in restructuring Valeros Information Services Department and integrating recently acquired assets into Valeros complex systems. From 2010 to 2013, Mr. Williams was president of XTO Energy Inc., which ExxonMobil acquired in 2010. I would describe those generally as looking to centralize kind of key functions across the company that have been done disparately previously. With that, let me turn the call over to Jennifer. Our presentation and prerecorded remarks are available on the new investor relations section of our website. They're meant to accompany the first quarter earnings news release, which is posted in the same location. I'll try and circle around that kind of suite of questions for you, Roger. He joined Valero in 2005 as part of the Premcor acquisition, serving as Refinery Manager of the Memphis refinery at the time. Hey, good morning. From 2011 to 2021, Eric led the implementation of these practices amongst Valero's refining network, helping the business achieve first quartile performance across Solomon energy industry benchmarking metrics. WebExxonMobil. So, you obviously have a big advantage with your refining footprint and your asset base. We'll go next to Jason Gabelman with TD Cowen. ExxonMobil ( XOM 1.28%) Q1 2023 Earnings Call. 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. The other point I would make is, you know, feed and feed optimization is a big part of the margin equation as well. I would just also mention that we're in a relatively unusual market environment compared to what we've seen in the past. Analog Devices, Inc. (Nasdaq: ADI) today announced the appointment of Alan Lee to the position of Chief Technology Officer And so, you know, that's all about improving the experience for our employees, for our vendors, for our customers, and continuing to drive efficiencies and, importantly, effectiveness across those organizations. John Royall -- JPMorgan Chase and Company -- Analyst. I'll delicately ask this question if I may. Yeah. Look, these -- we all know these markets are volatile that they move up and down. We're always looking for an opportunity for an acquisition and one that grows value and it's got to be value-accretive. Independent and Diverse Board of Directors. 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. 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. This is about going out and optimizing given the asset base that we have, the value chains that we're participating in, taking the insights generated from running those businesses and the opportunities that come with those insights and transacting on them. Locke joined Valero in 2003 as an Audit Specialist in Valero's Internal Audit department where he earned several promotions and ultimately served as Executive Director of Internal Audit. Unlocking the potential of advanced recycling: Matthew McConomy. 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. In 2007 he was appointed acting deputy attorney general by then-president George W Bush. Obviously, Kathy was on the Wire this morning talking about how picky Exxon would be on M&A. Fisher began his career with Valero in 1997, when he joined Valeros Corporate Law Department. Yeah. 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. From 2005-2007, he served as an upstream advisor for Exxon Mobil Corporation. 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. We focused -- I'll remind you, on the Beaumont expansion, this is something that we began planning and developing many, many years ago, and it was really built on the Permian production and the changes and transportation differentials by bringing crude into the front end of the Beaumont refinery and making the intermediate products to fill our conversion capacity and backing out imports of intermediates and saving the transportation of those intermediates that are typically coming from afar. So, we feel pretty good about our cash balance. 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. You know, we talked a little bit in our presentation about the fact that our maintenance activities, we had a pretty heavy turnaround quarter, and those maintenance activities really came in at the first quartile, so much better than what we had planned for a shorter duration. And so, that's kind of, I'd say, the underlying approach. 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. Yeah. 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? 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 Fraser also has served as President of European Commercial Operations, overseeing the company's European commercial businesses, andVice President of Specialty Products Marketing. XOM earnings call for the period ending March 31, 2023. Education Apr 28, 2023, 8:00 a.m. Good morning. My sense of things is, you know, if you go look back last year and the export levels coming out of China and the balances in Asia, that stayed reasonably tight. 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. We'll go next to Stephen Richardson with Evercore ISI. I know I'm kind of asking three questions in one, but they're all focused right around the 7 to 9. And we'll go next to Devin McDermott with Morgan Stanley. IT Head. You know, that's part of an overall strategy of growing performance chemicals, along with growing high-value products across our product solutions business, be it performance chemicals or low-emission fuels, high-value lubes. WebExxonMobil's key executives include Darren W. Woods and 13 others. He received his Bachelor of Business Administration and Master of Science degrees in accounting from Texas Tech University, where he also played football. And given what's happened to cracks and the general concerns around demand today, and, you know, granted, I think, Darren's commentary on the market was probably a bit more positive, but are there any concerns about adding capacity at a time where fundamentals appear to be weakening? We're working with our partner there, Total. Those are embedded in the plans that we shared with you last December. The California Public Employees Retirement System is recruiting for a chief technology officer (Career Executive Assignment) to direct and oversee enterprise technology infrastructure services across all of CalPERS retirement, health and investment programs. Bram moved to San Antonio in 2006 to serve as Vice President-Northeast/West Coast Optimization, added Mid-Continent operations to his duties in 2007 and moved to a similar role over Gulf Coast operations in 2009. The jump came You've got high carbon prices in Europe. Operator. We certainly saw that coming out of the pandemic with some of the logistics constraints. In 2002, Mr. Chapman took over responsibility for aviation fuels marketing and, later, industrial and wholesale fuels. And that -- the value of that opportunity will manifest itself in our business. And then with time, that'll get balanced out based on transportation differentials. Thanks for joining us today. I suspect -- expect we'll still see some of that to come on here in the short term. At Diageo, the global beverage manufacturer and marketer, she led all traditional corporate finance functions and oversaw the companys supply chain and procurement, strategy and business development, and shared services and information technology departments before her departure in June 2021. 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. It's maintaining a very strong balance sheet. 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. It'll -- the question will be will we see the same thing this year, and I think time will tell. Morford was chief legal and compliance officer for Cardinal Health between 2008 and 2019. Hey, good morning. Eric Honeyman serves as Vice President Renewables Operations & Low Carbon Fuels, serving previously as Vice President Refining Operations. Soon thereafter, Mark was promoted to Assistant Controller, and ultimately, Senior Vice President of Accounting, in 2012. Massachusetts Institute of Technology. That's, I think, really what's going to underpin where we focus our attention. In 2005, Mr. Woods was appointed vice president of ExxonMobil Chemical Company in Houston, Texas, where he managed global specialty-chemical businesses. He joined with predecessor Ultramar Diamond Shamrock (UDS), and in his current position with Valero is responsible for company strategy and innovation efforts. In 2010, he was appointed vice president of supply and transportation, based in Fairfax, Virginia. Yeah. 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. 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. As you know, it's very tied to economic activity. 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. And, you know, in recent history, it's certainly true that we ran fairly lean on cash. Well, good morning. 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. 1 Valero Way Yeah. (210) 345-2000. I think we've been pretty consistent as we've talked about it. We'll go next to John Royall with J.P. Morgan. And now, please turn to Slide 3 for Darren's remarks. Exxon Mobil Corporation officers. And then as we came out, those got turned back on again and come on to the marketplace.
