During the presentation, we'll make forward-looking comments, which are subject to risks and uncertainties. I -- you know, it amazes me that -- the amount of questions that come up from this space. The Foundation of Our Success. He earned hisBachelor of Arts and Juris Doctor degrees from the University of Oklahoma. Chief Technology Officer He previously served as Vice President and Deputy General Counsel, with responsibility for Valero's litigation, regulatory and employment law departments, as well as the company's ad valorem tax and environmental, health and safety groups. ExxonMobil Does that change at all the way you look to manage your cash balances going forward? All right. So, that gives you, I'd say, a little bit of a characterization of where savings are coming from. Thanks for taking the question. I would say our assessment is very consistent with Total's assessment. Longer term, I think it comes back to what happens in China. Copyright 2003-2023 Exxon Mobil Corporation. Article Tags: appointment. Sure. Chief Technology Officer FuelCell Energy Takes Step Toward Commercializing Carbon Is it a Top Stock to Buy? We've had our own security folks out there assessing the situation. 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. Our global projects organization would be a great example of that. 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. Thank you so much. So, I want to stick with the Permian, but I'm not going to ask an M&A question. 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. ExxonMobil engineer Natalie Martinez discusses the companys efforts to scale up advanced recycling and her part in making it happen. Joe Gorder became Chairman of the Board on Dec. 31, 2014, and Chief Executive Officer on May 1, 2014. ExxonMobil Apr 28, 2023, 8:00 a.m. But one that is very focused on significantly growing the value proposition there, really around our footprint. And so, that's the model that I have in my mind. That's very helpful. Hi. San Antonio, TX 78249 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. That enabled us, obviously, to have better throughput than we would have been planning overall for the quarter. I would just also mention that we're in a relatively unusual market environment compared to what we've seen in the past. Coinbase chief legal officer Paul Grewal on company's heated We've seen a lot of capacity coming on. 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. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. 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. Hey, good morning. 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? 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. 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. So, I'd say we're very comfortable with where we stand. We'll go next to John Royall with J.P. Morgan. Locke has since served in leadership roles over Strategic Planning, Public Policy, and Communications. *Stock Advisor returns as of April 24, 2023. We do see some promising signs, but we'll have to see how that China demand and their economic activity picks up. CIO. Aug. 30, 2022, Who we are ExxonMobil To Move Its HQ, Reorganize Business Structure - JPT Just if possible, a quick follow-up. Before that he was the vice president responsible for Asia projects in ExxonMobil Development Company. Perspective In low carbon solutions, we're building momentum across several fronts. 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. 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. You know, a lot of simplification coming across that business as a result. Look, these -- we all know these markets are volatile that they move up and down. ExxonMobil ( XOM 1.28%) Q1 2023 Earnings Call. April 27, 2023 at 06:45 AM EDT. He will continue to lead the growth strategy for Accentures Industry X business, which includes digital manufacturing and intelligent products and platforms. Exxon Mobil Invest better with The Motley Fool. Last year, more recently, the combination of our upstream -- I'm sorry, our downstream and chem organization into our product solutions business. 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 Corporate and affiliate officers | ExxonMobil Our presentation and prerecorded remarks are available on the new investor relations section of our website. Roger Read -- Wells Fargo Securities -- Analyst. A public charity and Valero's philanthropic arm. Thank you. He is a Certified Internal Auditor, Certified Information Systems Auditor and Certified Fraud Examiner. Unlocking the potential of advanced recycling: Matthew McConomy. That's what you've seen us do. Schmeltekopf joined Valero in 2003 as Executive Director of External Reporting. Guyana, we're pleased to announce that we reached final investment decisions for Uaru, fifth offshore project, which will bring on even more production from this low-cost, low-carbon intensity resource. ET. Gorder earned a bachelors degree in business administration from the University of Missouri-St. Louis and a masters degree in business administration from Our Lady of the Lake University. They're meant to accompany the first quarter earnings news release, which is posted in the same location. 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. The ability of our low-carbon projects to compete successfully for capital is important if the world is going to meet its emissions aspirations. He was earlier associated with Nissan Motor Corporation, Collabera, Safexpress Private Limited, IBM and Cognizant Technology. Good morning. Unlocking the potential of advanced recycling: Stephanie Westbrook. A couple of points, I think, as we're looking at the refining margin. Former EVP of Development at Epic Games will lead innovation and technology strategy for Yuga's next stage of growth. He previously served as President, and as Chief Operating Officer, responsible for refining operations and commercial operations in marketing, supply and transportation. Eric Honeyman serves as Vice President Renewables Operations & Low Carbon Fuels, serving previously as Vice President Refining Operations. Chief In 2010, he was appointed vice president of supply and transportation, based in Fairfax, Virginia. So, just to be clear, we've talked about a specific time period externally because we thought that would be helpful in transparency. He also holds a Master of Business Administration degree from Northwestern's Kellogg School of Management in Evanston, Illinois. And then we'll see how the rest of the year plays out, but we're sticking, at this point, to same year-end guidance that we gave late last year. From 2007-2009, he was the vice president of engineering for ExxonMobil Production Company. That led to a very different development approach trying to work across -- you know, and this cube design, work across all the benches simultaneously to maximize ultimate recovery. The role can differ from company to company but usually includes everything from: Technology vision and strategy Architecture Innovation Software development Infrastructure 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. He joins from Strides where he served as CIO. And so, we justified that project on a transportation differential and felt that that provided a reasonable return, with the expectation that, on top of that, we would see the value of the additional fuels and the higher-value products that we were producing. Image source: The Motley Fool. Yeah. He has been with the company since 1989 and has served in many leadership positions. I would say we haven't changed our year-end targets, and so the guidance that we gave as part of the corporate plan discussion last year continues to hold. 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. She has played a key role in restructuring Valeros Information Services Department and integrating recently acquired assets into Valeros complex systems. And I would add, Sam, I think, you know, you mentioned history. But I think maintaining a long-term perspective and making sure our shareholders feel rewarded through the dividend policy is an underlying principle. Materialise NV Announces New Chief Financial Officer 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. 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 what we just announced is taking the trading organizations that today are somewhat dispersed through the organization and consolidating those into one centralized trading organization for the whole of the corporation. 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. He joined with predecessor Ultramar Diamond Shamrock (UDS), and in his current position with Valero is responsible for company strategy and innovation efforts. I think jet demand and transportation looks like it's kind of trending up. That will give analysts more time to ask questions before we conclude at 8:30 a.m. Central Time. Thank you. Thanks. 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. Yeah. There is a unique value proposition there, and then my view would be we'll leverage that to the full extent that we can. We've now integrated our upstream into those value chains. I just wanted to follow up on trading because there's been various press reports about Exxon wanting to build up its capabilities in asset optimization and trading. We should hit the objective that we set back in 2018 probably sometime this year. I suspect -- expect we'll still see some of that to come on here in the short term. Before taking his current position, he was executive vice president of ExxonMobil Production Company. He joins from Strides where he served as CIO. If I put that to the side, the company has run about, I'll call it, 19 billion, 20 billion annually in depreciation and amortization. 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. So, I think, you know, that's kind of the things to watch. Maybe a question on the chemicals business. 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, we feel really good about where we're at today on our balance sheet. Stephen Richardson -- Evercore ISI -- Analyst. If you look at the quarter, you know, we more than offset inflationary cost pressure with the structural savings that we were able to generate. 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. From 2010 to 2013, Mr. Williams was president of XTO Energy Inc., which ExxonMobil acquired in 2010. Obviously, Kathy was on the Wire this morning talking about how picky Exxon would be on M&A. Also, please remain on the line in case we need to ask any clarifying questions. Apr 24 2023 - Wilmington, MA. We like where we've gotten to with that approach. We'll go next to Paul Cheng with Scotiabank. Now let's move to Q&A. And I'm wondering if you see that dynamic as kind of balanced where cracks in Asia are zero, but margins in the U.S. are still 20, and that's kind of representative of the market structure that we're in, or do you expect the weakness in Asia margins to kind of force U.S. refining margins lower in the near term? 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. 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 And then I'll just circle back, you asked a little bit about inflation. IT Head. Sam Margolin -- Wolfe Research -- Analyst. And so, when we're selling assets, sometimes we're taking a small impairment that runs through depreciation. The CTO aligns services responsible for computer operations and production, In 2015 he became ExxonMobil Chemical Company president, a position he held until taking his current position. ExxonMobil Now, let me cover the quarter's headlines. Obviously, we need to be convinced that that will sustain that progress. Koen Berges to Succeed Johan Albrecht. Chief Technology Officer (CTO Jason Fraser serves as Executive Vice President and Chief Financial Officer. 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. We're very much on track for the 9 billion at the end of this year relative to 2019. Great. And certainly, from listening to some of our customers in that space, expectations of a fairly healthy air transportation or, you know, airline travel miles going forward in the summer. 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. He joined Exxon in April 1987 as a drilling engineer in New Orleans, Louisiana, after graduating from Vanderbilt University with a Bachelor of Engineering degree.
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