Apr 24 2023 - Wilmington, MA. The ExxonMobil Board of Directors elected Mr. Woods as Chairman and Chief Executive Officer, effective January 1, 2017. I'll try and circle around that kind of suite of questions for you, Roger. That's very helpful. And then I'll just circle back, you asked a little bit about inflation. Invest better with The Motley Fool. We're making good progress there. So, on the Beaumont expansion, can you talk about how the capacity is being absorbed in the market? Locke has since served in leadership roles over Strategic Planning, Public Policy, and Communications. Darren Woods, Chairman and Chief Executive Officer; Kathy Mikells, Senior Vice President and Chief Financial Officer; and Jennifer Driscoll, Vice President of Prior to joining Valero, Locke worked at La Quinta Corporation and Ernst & Young LLP, in SEC reporting and audit and assurance roles, respectively. 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. I know I'm kind of asking three questions in one, but they're all focused right around the 7 to 9. 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. By: Materialise via Business Wire. 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. ExxonMobil said the rise in profits included a $3.4bn after-tax reduction to exit Russia. We've made a number of different organizational changes over the past couple of years. I think we've got clear line of sight to some additional ones. He progressed through a number of domestic and international assignments for Exxon Company International, ExxonMobil Chemical Company and ExxonMobil Refining and Supply Company. He is also a member of the Business Roundtable, the Business Council and the Texas A&M University Engineering Advisory Council. Learn more about applying for a job with Team Valero. Can you give us a -- thank you. 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. Darren W. Woods Chairman and Chief Executive Officer Kathryn A. Mikells Senior Vice President, Chief I think good progress in both PNG and Mozambique. Thank you. So, I'll risk a follow-up very quickly. ExxonMobil Is Near an All-Time High -- Is the Stock Still a Buy? We'll go next to Paul Cheng with Scotiabank. We've got some fairly diverse assets with respect to the ability to manage feed and change feedstocks around. Spotify Technology SA s chief executive officer is engaged in a Washington charm offensive this week that he hopes will convince the US government to curb the But I wonder if the direction we're going with cash, you know, even net of shareholder returns that are continuing to increase and that are well within sort of your targets, you know, if we're kind of getting beyond fortress and into something even bigger than that. 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. Greg Bram serves as corporate Vice President-Supply Chain Optimization, responsible for all economic analysis pertaining to Valero's refining operations. [Operator instructions] We'll go first to Neil Mehta with Goldman Sachs. ET. 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. Morford was chief legal and compliance officer for Cardinal Health between 2008 and 2019. *Stock Advisor returns as of April 24, 2023. There's quite a big change first quarter versus fourth quarter in depreciation. Analog Devices, Inc. (Nasdaq: ADI) today announced the appointment of Alan Lee to the position of Chief Technology Officer (CTO). 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. As we said during our Low Carbon Solutions Spotlight earlier this month, our low-carbon projects must be advantaged and deliver competitive returns. We're never going to get out in front of the board of directors. 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. And so, that -- the Europe set is the price setter for global markets ex-transportation. 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. I think putting aside the press reports of the media, we've talked about this, I think, starting back in 2018. We described some of them in our cautionary statement here on Slide 2. He also has studied international and English law at the University of Oxford in England, and has extensive international legal experience working in South America, Asia andEurope. We're seeing reports that Asian refiners are contemplating run cuts while margins in the U.S. are still really robust. Cost basis and return based on previous market day close. Copyright 2003-2023 Exxon Mobil Corporation. 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. 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. Image source: The Motley Fool. Our expectation is that we'll continue to, I think, differentiate our production and what we're able to do versus many of the others -- many of our other competitors who started off on this best bench, high initial production rates. 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. Kathryn A. We should hit the objective that we set back in 2018 probably sometime this year. Prior to that role, Thomas served as Vice President of Retail Operations Support and Vice President of Retail Information Systems. Good morning, Neil. Simmons has a Bachelor of Science degree in chemical engineering from the University of Oklahoma and a Master of Business Administration degree from University of Texas at San Antonio. Sure, I'll take that. She has played a key role in restructuring Valeros Information Services Department and integrating recently acquired assets into Valeros complex systems. In 2005, Mr. Woods was appointed vice president of ExxonMobil Chemical Company in Houston, Texas, where he managed global specialty-chemical businesses. 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? Now let's move to Q&A. We can trade across those value chains. That way, we can accommodate more questions from more people. Incentives included in the Inflation Reduction Act are a positive step forward, although permitting and other regulatory improvements are still needed. 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. 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. They're meant to accompany the first quarter earnings news release, which is posted in the same location. She was promoted to Vice President-Human Resources and Administration in November 2015, and to her current position in January 2019. 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. Those are embedded in the plans that we shared with you last December. How kind of general inflation within not just the oil field but, you know, in general, how that's affecting that? 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. I mean, our capital allocation approach, I think, has been very consistent and very clear. Thanks. He joined Valero in 2001 in the Risk Management Department. Eric Fisher serves as Senior Vice President-Wholesale Marketing and International Commercial Operations, responsible for global wholesale marketing, including administration of London, Montreal and Dublin operations and the specialty products marketing business. The Motley Fool has no position in any of the stocks mentioned. Does that change at all the way you look to manage your cash balances going forward? Fisher has served as President of European Commercial Operations, and in leadership roles in Investor Relations, Corporate Communications, Strategic Planning and Corporate Development. He joins from Strides where he served as CIO. 1LIFE HEALTHCARE INC. I wanted to ask a question on the downstream business and given your global reach there. In 1999, he moved to Investor Relations, and in 2004 was named Vice President of Investor Relations. High-quality, Valero Branded Stations. Our executive team is committed to operations excellence, disciplined management of capital and long-term value. Their exports have been higher in the first quarter, but, you know, it depends to see how those play out going forward. 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. 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. June 17, 2021, Who we are After all, the newsletter theyhave run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. That has been, you know, a source of not only demand but also of exports. Anjani Kumar has joined Tata AIG General Insurance Company Limited as Chief Technology Officer (CTO) and EVP. The jump came 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 are committed to being an outstanding corporate citizen and employer, ESG: Environmental, Social and Governance. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. 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. But I think maintaining a long-term perspective and making sure our shareholders feel rewarded through the dividend policy is an underlying principle. WebExxonMobil. As a courtesy to other analysts, please limit yourself to a single question. We care about health and safety, and protecting our employees and neighbors. 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. That has been what I would say is on a continuum of growth. Operator. Apr 28, 2023, 8:00 a.m. Thanks for taking my question. Have a nice weekend, everyone. He was earlier associated with Nissan Motor Corporation, Collabera, Safexpress Private Limited, IBM and Cognizant Technology. 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. And the final point I'd make to build on what Kathy said is we have seen, with all these organizational changes, as our people have come together in the new organizations and focused on the objectives of those organization and what the corporation is trying to achieve, we find a lot more opportunities than we could envision even going into the changes. With that, operator, please open up the line for our first question. Koen Berges to Succeed Johan Albrecht. 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. Dec. 22, 2020, Who we are Thanks. Reinhart was promoted to Executive Director-Corporate Communications, directing internal and external messaging, and advanced to Vice President-Corporate Communications in 2010. At Premcor and its predecessor, Clark Refining & Marketing, he also held positions in strategic planning, mergers and acquisitions, and planning and economics. 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. 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. 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. Thanks for joining us today. Sure. 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 So, a caveat, everything I say with the recognition that given the impact that demand has on the margins, given the fairly static supply side of the equation, it's often difficult to know exactly where things are going to go. Thanks for the question. We like what we see there. 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. Hi, guys. And so, we've got a really streamlined and a good view of the marketplace. And I would add, Sam, I think, you know, you mentioned history. 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. In 2007 he was appointed acting deputy attorney general by then-president George W Bush. 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. We like -- you know, we've brought talent in there. 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. So, my expectation is as these new organizations come together, they'll begin to find things. 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. Analog Devices, Inc. (Nasdaq: ADI) today announced the appointment of Alan Lee to the position of Chief Technology Officer (CTO). WebBrad W. Corson was appointed chairman, president and chief executive officer of Imperial on January 1, 2020. I think just I'd speak to maybe the LNG portfolio as a whole. 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. IRVING, Texas April 28, 2023 Exxon Mobil Corporation today announced first-quarter 2023 earnings of $11.4 billion, or $2.79 per share assuming dilution. Paul Grewal, chief legal officer at Coinbase, sits down with CNBCs MacKenzie Sigalos at Consensus 2023 to discuss the companys response to the SECs 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. ExxonMobil So, I want to stick with the Permian, but I'm not going to ask an M&A question. 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. We would have seen, actually, the benefit of some of that in this recent quarter. It is very well positioned on a cost of supply curve. So, just to be clear, we've talked about a specific time period externally because we thought that would be helpful in transparency. Jason Gabelman -- Cowen and Company -- Analyst. 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. I'm happy to answer that. So, there will obviously be periods of time where things constrain that. Jack Williams was elected senior vice president of Exxon Mobil Corporation in 2014. Fisher began his career with Valero in 1997, when he joined Valeros Corporate Law Department. Eric Honeyman serves as Vice President Renewables Operations & Low Carbon Fuels, serving previously as Vice President Refining Operations. You know, you all know, we, several years ago, had a strategy on maximizing oil recovery versus initial production rates. It's got to be one where what ExxonMobil brings to the table actually increases what either company would do independent of one another. ExxonMobil's average debt rate is about 3%. Rich Walsh serves as Senior Vice President and General Counsel. A significant contributing factor was structural cost savings that now total approximately $7.2 billion. The organizations will focus on leveraging our scale to drive efficiencies, improve operating and financial results, and importantly, deliver an improved experience for customers, vendors, and our people. ExxonMobil engineer Natalie Martinez discusses the companys efforts to scale up advanced recycling and her part in making it happen. He joined the company from AMD, where he served as head of research and advanced development. The CTO aligns services responsible for computer operations and production, Former EVP of Development at Epic Games will lead innovation and technology strategy for Yuga's next stage of growth. We'll go next to Alastair Syme with Citi. 10 stocks we like better thanExxonMobilWhen our analyst team hasa stock tip, it can pay to listen. And so, it's really about making sure that what we do there is sustainable for the long term. Before taking his current position, he was executive vice president of ExxonMobil Production Company. You know, all else held equal, a bigger company means a bigger working capital needs. A couple of points, I think, as we're looking at the refining margin. The Motley Fool has a disclosure policy. Darren Woods, ExxonMobil chairman and chief executive officer, explained it this way: Our transformed business structure enables us to more fully leverage the corporations scale, integration, technology advantages, and the skills and capabilities of our talented workforce, to better serve our customers. We'll go next to Roger Read with Wells Fargo. He joined Valero in 2005 as part of the Premcor acquisition, serving as Refinery Manager of the Memphis refinery at the time. 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. Neil Chapman joined the Exxon Mobil Corporation Management Committee as senior vice president in 2018. That -- I think -- you know, we've been developing that approach, fine-tuning it, you know, testing it, and evolving that concept. So, I think, you know, that's kind of the things to watch. 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. During his more than 20 years with the DoJ, Morford had assignments as US attorney in Michigan and Tennessee and as first assistant US attorney in Ohio. 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. I would say the short answer is no. Apr 24 2023 - Wilmington, MA. If we see similar levels of exports as we saw last year, my expectation was that'll put additional upward pressure on the margin. 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. And so, that platform gives our traders a great base to optimize off of. Darren, can I ask, in Mozambique, Total seems to be optimistic about the security on the ground. 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. But in 2021, Exxon Mobil Chairman and CEO Darren Woods faced a rebellion from his board. Hi. You're adding base capacity downstream. And I think we're striking a pretty even balance in that regard. You saw sequential margin improvement in your chemicals products business driven by advantaged ethane pricing. Perspective 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. John Locke is Vice President and Treasurer. And now, let me turn it back to the operator to conclude our call. 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.
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