It's got to be one where what ExxonMobil brings to the table actually increases what either company would do independent of one another. Thank you, Darren. 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. ExxonMobil reports record first-quarter profits of $11.4bn Before coming to ExxonMobil, Ms. Mikells spent six years as chief financial officer for London-based Diageo, Plc. July 19 (Reuters) - Exxon Mobil Corp's (XOM.N) new chief financial officer Kathyrn Mikells is the first woman and external hire to join the oil major's management And then I'll just circle back, you asked a little bit about inflation. The other point I would make is, you know, feed and feed optimization is a big part of the margin equation as well. This article is a transcript of this conference call produced for The Motley Fool. 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. Operator. And if you look at the production in the quarter, you guys reported 615,000 barrels a day. Thank you. 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. We'll go next to Biraj Borkhataria with RBC. I'll start that, then, Kathy, if you got anything to add to it. ExxonMobil And that -- the value of that opportunity will manifest itself in our business. 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. Thanks. And you see us fight, certainly during the pandemic year, fight really hard to make sure that we sustain that. We're pleased to have delivered $11.4 billion of earnings, a record first quarter following a record year. The Motley Fool has a disclosure policy. We're never going to get out in front of the board of directors. 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. It is very well positioned on a cost of supply curve. But one that is very focused on significantly growing the value proposition there, really around our footprint. 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. He joined Valero in 2001 in the Risk Management Department. Lane Riggs serves as President and Chief Operating Officer, overseeing refining operations, engineering, projects and strategic sourcing organizations, commercial operations and renewables and logistics operations. 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. In 2010, he was appointed vice president of supply and transportation, based in Fairfax, Virginia. Walsh has served in many different leadership roles within Valero's legal department. We certainly saw that coming out of the pandemic with some of the logistics constraints. We'll go next to John Royall with J.P. Morgan. 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? Valero Headquarters We've made a number of different organizational changes over the past couple of years. You know, you all know, we, several years ago, had a strategy on maximizing oil recovery versus initial production rates. The progress we're making across the company is underpinned by the continuing evolution of our business model. Prior to joining Valero, Reinhart served as a Partner in the law firm of Bracewell & Giuliani LLP, where she defended employers in all phases of employment law. 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. 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. Thank you so much. And so, we've got a really streamlined and a good view of the marketplace. Theyjust revealed what they believe are thetenbest stocksfor investors to buy right now and ExxonMobilwasn't one of them! Private Company. You're adding base capacity downstream. chief Welcome to ExxonMobil's first quarter 2023 earnings call. We'll go next to Alastair Syme with Citi. From 2005-2007, he served as an upstream advisor for Exxon Mobil Corporation. 1 Valero Way Analog Devices, Inc. (Nasdaq: ADI) today announced the appointment of Alan Lee to the position of Chief Technology Officer So, I feel good about the progress that we've got there -- we're making there. WebWe 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. And so, I think, you know, our organizational construct today gives us a much better line of sight and opportunity to optimize in the trading space. 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. Former EVP of Development at Epic Games will lead innovation and technology strategy for Yuga's next stage of growth. Mike Seavers Joins Yuga Labs as Chief Technology Officer. It's obviously something that we look at regularly, and we know it's important to ensure that dividend is competitive and growing. Aug. 13, 2020. 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. Chief Technology Officer 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. Unlocking the potential of advanced recycling: Stephanie Westbrook. Can you give us an update where you are in Mozambique and also in the Papua New Guinea LNG? Exxons Humbling Fall From Oil Juggernaut to Mediocre Company John Locke is Vice President and Treasurer. Mike Seavers Joins Yuga Labs as Chief Technology Officer. I'll start, and then I'll hand it over to Kathy to build on. April 27, 2023 at 06:45 AM EDT. Global trading will bring together expertise from across the company in crude, products, natural gas, power, and marine-freight trading. He is a Certified Internal Auditor, Certified Information Systems Auditor and Certified Fraud Examiner. In 2005, he was appointed vice president of ExxonMobil Chemical Companys global polyethylene business. Jennifer Driscoll -- Vice President, Investor Relations. Mr. Chapman has served as a member of the board of directors and executive committee of the American Chemistry Council, the board of directors of the International Council of Chemical Associations, and the board of directors and executive committee of the National Association of Manufacturers. 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. So, on the Beaumont expansion, can you talk about how the capacity is being absorbed in the market? That way, we can accommodate more questions from more people. Bhaskar Ghosh has been named chief strategy officer, effective immediately, with responsibility for the companys strategy and investments, including ventures and acquisitions. ExxonMobil ( XOM 1.28%) Q1 2023 Earnings Call. ExxonMobil So, you obviously have a big advantage with your refining footprint and your asset base. "Kathy" Mikells joined Exxon Mobil Corporation in August 2021 as senior vice president and chief financial 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. 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. I'll try and circle around that kind of suite of questions for you, Roger. And so, it's really about making sure that what we do there is sustainable for the long term. Experience Chief Technology Officer ExxonMobil Jan 1999 - Present 24 years 4 months. I would say the short answer is no. Also, please remain on the line in case we need to ask any clarifying questions. Thomas earned a business administration degree in quantitative analysis from California State University-Fresno in 1983, graduating Magna Cum Laude. 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 at this time, I'd like to turn the call over to the vice president of investor relations, Mrs. Jennifer Driscoll. So, that polypropylene unit that we brought on, it really -- what is a pretty low point in the polypropylene market to make earnings -- positive earnings on a brand-new piece of kit that starts up in the lowest of the cycle is, I think, a testament to the strength of the projects that we are investing in and bringing in online. We think that makes a lot of sense. Obviously, Kathy was on the Wire this morning talking about how picky Exxon would be on M&A. 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? He also holds a Master of Business Administration degree from Northwestern's Kellogg School of Management in Evanston, Illinois. First, giant hedge fund D.E. You typically see early in the year a lot of refining turnarounds, which take a lot of capacity offline in that lower-demand season. And so, it's a little bit different than the history of the company, and so would appreciate your thoughts on it. 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 just also mention that we're in a relatively unusual market environment compared to what we've seen in the past. That has been what I would say is on a continuum of growth. Sure. He was earlier associated with Nissan Motor Corporation, Collabera, Safexpress Private Limited, IBM and Cognizant Technology. Jason Fraser serves as Executive Vice President and Chief Financial Officer. In 2006, Mr. Chapman served as executive assistant to the chairman of Exxon Mobil Corporation and in 2007 as president of ExxonMobil Global Services Company. (210) 345-2000. IT Head. 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. 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. ExxonMobil's supply chain will consolidate supply chain activities globally. So, it's hard to stay disconnected with -- the margins eventually have to equilibrate on transportation differentials. 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. Yeah. Analog Devices, Inc. (Nasdaq: ADI) today announced the appointment of Alan Lee to the position of Chief Technology Officer (CTO). ExxonMobil 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. Uaru will provide an additional 250,000 barrels a day of gross capacity, with start-up targeted for 2026. And we'll go next to Devin McDermott with Morgan Stanley. 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. 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. I would say our assessment is very consistent with Total's assessment. If you have a higher kind of exposure to trading, maybe you would like to run with a higher cash balance generally. And then with time, that'll get balanced out based on transportation differentials.
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