And then as we came out, those got turned back on again and come on to the marketplace. 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. Former EVP of Development at Epic Games will lead innovation and technology strategy for Yuga's next stage of growth. The organizational changes we've already made are continuing to find things. I -- you know, it amazes me that -- the amount of questions that come up from this space. That way, we can accommodate more questions from more people. He is also a member of the Business Roundtable, the Business Council and the Texas A&M University Engineering Advisory Council. We described some of them in our cautionary statement here on Slide 2. Thanks for taking the question. And so, that moved to a value chain construct that we had early on between refining and downstream, but now have that with our product solutions organization. We like what we see there. In 2014, Mr. Chapman was awarded an honorary doctorate by his alma mater, the University of Surrey. 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. And I would add, Sam, I think, you know, you mentioned history. Alan Lee was named the new chief technology officer at Wilmington's Analog Devices. Sure. 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 then obviously, we can balance disbursement -- shareholder disbursements with buybacks. He received his Bachelor of Business Administration and Master of Science degrees in accounting from Texas Tech University, where he also played football. Gorder served as Valeros Executive Vice President-Marketing and Supply, following tenure as Senior Vice President for Corporate Development and Strategic Planning. He has been with the company since 1989 and has served in many leadership positions. We're very much on track for the 9 billion at the end of this year relative to 2019. 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. So, I'd start by saying, overall, we feel really good about the progress that we've made. Schmeltekopf joined Valero in 2003 as Executive Director of External Reporting. Schmeltekopf graduated Magna Cum Laude with a Bachelor of Business Administration degree from Texas State University in 1987. That's investing in the business and competitively advantaged high-return projects. ExxonMobil ( XOM 1.28%) Q1 2023 Earnings Call. And we'll go next to Devin McDermott with Morgan Stanley. I'll try and circle around that kind of suite of questions for you, Roger. 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. April 27, 2023 at 06:45 AM EDT. Aug. 30, 2022, Who we are Apr 24 2023 - Wilmington, MA. 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 also has served as Chief Commercial Officer and President of Valero Europe. Learn more about applying for a job with Team Valero. So, that was a help in the first quarter, some of that feed optimization, and that'll play into it as well. This ongoing success reflects the hard work of our people, executing our strategic priorities and fully leveraging our competitive advantages. Perspective I'll go ahead and take that, Sam. 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. Darren W. Woods Chairman and Chief Executive Officer Kathryn A. Mikells Senior Vice President, Chief I'm happy to answer that. Analog Devices, Inc. (Nasdaq: ADI) today announced the appointment of Alan Lee to the position of Chief Technology Officer Soon thereafter, Mark was promoted to Assistant Controller, and ultimately, Senior Vice President of Accounting, in 2012. Am I wrong in that, or is there -- any color would be helpful. Our board is committed to ongoing engagement with our stakeholders. 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. 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. Doug Leggate -- Bank of America Merrill Lynch -- Analyst, Kathy Mikells -- Senior Vice President, Chief Financial Officer. Before that he was the vice president responsible for Asia projects in ExxonMobil Development Company. WebExxonMobil, one of the largest publicly traded international energy companies, uses technology and innovation to help meet the worlds growing energy needs. So, I feel good about the progress that we've got there -- we're making there. ET. 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. I think three-month treasuries are at 5% today. Hey, good morning. 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, that's how I would think about it. 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'll go next to Stephen Richardson with Evercore ISI. That enabled us, obviously, to have better throughput than we would have been planning overall for the quarter. Obviously, the first I would make is we don't really pride ourselves on being able to forecast margins. I just would make the final point that, you know, as we look at that -- at divestments, it is a value proposition. As gas prices came off, that gave us a better liquid-to-gas spread that allowed us to change some of our feed into our crackers and see the advantage of that. We'll go next to Paul Cheng with Scotiabank. And if you look at the production in the quarter, you guys reported 615,000 barrels a day. Thank you. 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. 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. 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. And then, you know, clearly, we're looking to share our success with shareholders, and you see that through a more consistent share repurchase program and a growing dividend. We care about health and safety, and protecting our employees and neighbors. I wonder if I could just ask about unit depreciation trends. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. But that's down the road. Thanks very much. Additionally, we look forward to connecting again on May 31st for our annual shareholders' meeting. Bhullar joined Valero in 2014. We'll go next to Ryan Todd with Piper Sandler. I wanted to ask about the results you're seeing there. Chief Technology Officer Job Description and Skills. He joined with predecessor Ultramar Diamond Shamrock (UDS), and in his current position with Valero is responsible for company strategy and innovation efforts. Find contact details for 700 million professionals. And so, I mean, we're looking -- we're working really hard on our technology portfolio in the Permian. It is very well positioned on a cost of supply curve. As you know, it's very tied to economic activity. Well, good morning. Perspective He joined the company from AMD, where he served as head of research and advanced development. I think we've been pretty consistent as we've talked about it. The other point I would make is, you know, feed and feed optimization is a big part of the margin equation as well. 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. Uaru will provide an additional 250,000 barrels a day of gross capacity, with start-up targeted for 2026. And so, that's the model that I have in my mind. Good day, everyone, and welcome to this ExxonMobil Corporation first quarter 2023 earnings call. He previously served as Senior Vice President-Supply, International Operations and Systems Optimization; and Vice President-Crude, Feedstock, Supply and Trading. We're never going to get out in front of the board of directors. In 2007, he served as Vice President of Process Safety and Reliability, where his responsibilities included the creation of the overall management system for refining operations as well as the technical standards and work processes that drive operational excellence. I've talked about that in the past. And obviously, we'll be doing an update when we come to the end of the year, and so we'll talk in more detail about what we see from there on a go-forward basis. He is a Certified Internal Auditor, Certified Information Systems Auditor and Certified Fraud Examiner. 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. ExxonMobil *Average returns of all recommendations since inception. 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. We'll go next to Roger Read with Wells Fargo. Prior to joining Valero, he was Refinery Manager at Premcor's Lima Refinery. The profits that come through trading are different quarter to quarter, but I'd say, year to year, pretty steady. And so, that -- the Europe set is the price setter for global markets ex-transportation. 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? And, you know, if there's any thought around kind of the absolute level of cash today and really what's optimal. IT Head. 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. So, if economic activity is constrained, then chemical demand is constrained. We don't see a lot of difference between what the conclusions they're coming up with and our conclusions. He earned hisBachelor of Arts and Juris Doctor degrees from the University of Oklahoma. Today's call is being recorded. So, I'd say we're very comfortable with where we stand. Energy Factor 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. 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. I would just be curious on your views on what you're seeing in terms of product demand and then how do you think it's going to manifest itself in -- through the refining system from a margin perspective over the next couple of years? So, it's hard to stay disconnected with -- the margins eventually have to equilibrate on transportation differentials. WebExxonMobil's key executives include Darren W. Woods and 13 others. So, my expectation is, you know, we've got an inventory of things going forward and would expect to see, in my mind, kind of consistent rate of being out in the market and basically finding -- seeing if we can find buyers who have a higher use for the assets than we do and, therefore, a better value and, therefore, give space. Biraj Borkhataria -- RBC Capital Markets -- Analyst. Obviously, Kathy was on the Wire this morning talking about how picky Exxon would be on M&A. In 2010, he was appointed vice president of supply and transportation, based in Fairfax, Virginia. I think you're going to see some movement in that up and down. 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. I suspect -- expect we'll still see some of that to come on here in the short term. The role can differ from company to company but usually includes everything from: Technology vision and strategy Architecture Innovation Software development Infrastructure Greg Bram serves as corporate Vice President-Supply Chain Optimization, responsible for all economic analysis pertaining to Valero's refining operations. We got high gas prices in Europe with, I think, the potential to go higher. What you tend to see in depreciation is some ebbs and flows associated with our asset management activities. She has played a key role in restructuring Valeros Information Services Department and integrating recently acquired assets into Valeros complex systems. After leaving GE, she held finance leadership positions in banking, including the Canadian Imperial Bank of Commerce. 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. Thanks for taking my question. As chief technology officer and executive vice president, Redon will be responsible for developing and delivering clean alternative fuel systems products from concept to customers in the global transportation and off-road markets while effectively implementing global integration strategies to optimize resource utilization worldwide. Darren Woods, chief executive officer of ExxonMobil Corp., was chipper as he bandied with industry analysts on Jan. 31 about his companys poor 2019 performance. 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. In low carbon solutions, we're building momentum across several fronts. That's been our history. 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. Thanks for taking my question. If you look overall at where our number of -- I'd say different programs are driving savings for us. After all, the newsletter theyhave run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. I think that that completes our queue. Before coming to ExxonMobil, Ms. Mikells spent six years as chief financial officer for London-based Diageo, Plc. 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? You've got high carbon prices in Europe. 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. Welcome to ExxonMobil's first quarter 2023 earnings call. But generally speaking, that happens. And as the situation improves and we feel comfortable that we can successfully go in there and develop the project, we'll take steps to go do that in conjunction with Total and the work that they're doing there. You typically see early in the year a lot of refining turnarounds, which take a lot of capacity offline in that lower-demand season. 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. She was promoted to Vice President-Human Resources and Administration in November 2015, and to her current position in January 2019. Eric Honeyman serves as Vice President Renewables Operations & Low Carbon Fuels, serving previously as Vice President Refining Operations. We're always looking for an opportunity for an acquisition and one that grows value and it's got to be value-accretive. Neil Chapman joined the Exxon Mobil Corporation Management Committee as senior vice president in 2018. And I think that's what you saw in the first quarter, and then these more macro impacts, we'll see how that plays out as we go forward. We'll go next to Biraj Borkhataria with RBC. I'll delicately ask this question if I may. We certainly saw that coming out of the pandemic with some of the logistics constraints. ET. Yeah. San Antonio, TX 78249 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. 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. 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. 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. *Stock Advisor returns as of April 24, 2023. I would say, generally speaking, we like what we're seeing in terms of productivity in the Permian. So, my expectation is as these new organizations come together, they'll begin to find things. Hello, Darren and Kathy. Thanks for the question. 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. In simple terms, the Chief Technology Officer is the executive responsible for managing and driving value from technology within an organisation. In 2005, Mr. Woods was appointed vice president of ExxonMobil Chemical Company in Houston, Texas, where he managed global specialty-chemical businesses. In early April, we announced a long-term agreement with Linde to capture, transport, and permanently store up to 2.2 million metric tons of CO2 annually. Hi, guys. Kathryn A. Mike Seavers Joins Yuga Labs as Chief Technology Officer. Koen Berges to Succeed Johan Albrecht. Combining our engineering and research kind of groups collectively together. John Royall -- JPMorgan Chase and Company -- Analyst. OK. 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. From 2007-2009, he was the vice president of engineering for ExxonMobil Production Company. Learn about our production and sale of renewable diesel, a low-carbon fuel. Quite a dynamic market. Good day, everyone, and welcome to this ExxonMobil Corporation first quarter 2023 earnings call. 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. That's what you've seen us do. We like -- you know, we've brought talent in there. Prior to joining Valero, Fisher worked for the law firm of Fulbright & Jaworski. 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. ExxonMobil technologist Stephanie Westbrook discusses the companys efforts to scale up advanced recycling and her role in making it happen. That has been, you know, a source of not only demand but also of exports. Apr 24 2023 - Wilmington, MA. Morford was chief legal and compliance officer for Cardinal Health between 2008 and 2019. I think the margins in the U.S. will be a function of, you know, what production source is setting the marginal layer of production. WebExxonMobil. So, I think -- you know, my view is we're going to see the typical push-up in the summer and see margins rise. 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. In 2019, he assumed the role of Vice President Investor Relations, and was promoted to his current position in 2021. So, thank you, everybody, for your questions today. Walsh has served in many different leadership roles within Valero's legal department. By: Materialise via Business Wire. Prior to Valero, Bhullar was an Investment Banker focused on the Energy sector at J.P. Morgan and Citigroup. And then I'll just circle back, you asked a little bit about inflation. And you see us fight, certainly during the pandemic year, fight really hard to make sure that we sustain that. And so, even though the market has been tough, that project actually had a positive earnings and cash flow contribution for us in the quarter. 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, 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. 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. Apr 24 2023 - Wilmington, MA. So, I was wondering if you could talk a little bit about the productivity trends and the driver of the strong results that you're seeing there and then, also, how you're thinking about the evolution of production for the balance of this year? And like I said, even in the short time, we've seen some really good results. Thanks for taking my question. He will continue to lead the growth strategy for Accentures Industry X business, which includes digital manufacturing and intelligent products and platforms.