Results included unfavorable identified items of approximately $200 million associated with additional European taxes on the energy sector. Our executive team is committed to operations excellence, disciplined management of capital and long-term value. We like -- you know, we've brought talent in there. Kathy, do you want to add anything to that? There are always short-term disruptions. So, irrespective of where the margins go, our view is all of our facilities need to be on the far left of the curve so that we've got a difference between the marginal price setter. We'll go next to Sam Margolin with Wolfe Research. He joins from Strides where he served as CIO. 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. Experience Chief Technology Officer ExxonMobil Jan 1999 - Present 24 years 4 months. Aug. 13, 2020. So, we feel really good about where we're at today on our balance sheet. 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. Have a nice weekend, everyone. 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. Bill Keillor - Vice President, Global Information Technology As we said during our Low Carbon Solutions Spotlight earlier this month, our low-carbon projects must be advantaged and deliver competitive returns. And if you look at the production in the quarter, you guys reported 615,000 barrels a day. Amazon.com Inc. is pulling the plug on its line of Halo health devices as Chief Executive Officer Andy Jassy seeks to So, if you'll allow me, I'll throw that at you. So, that's how I would think about it. Good morning. You've got projects that are coming on, you know, sooner and bigger if you look at Guyana. We like where we've gotten to with that approach. It is very well positioned on a cost of supply curve. I think I couldn't remember if Jennifer said one question or one plus one follow-up. WebBrad W. Corson was appointed chairman, president and chief executive officer of Imperial on January 1, 2020. So, I'll risk a follow-up very quickly. Copyright 2003-2023 Exxon Mobil Corporation. But that's down the road. Apr 24 2023 - Wilmington, MA. This ongoing success reflects the hard work of our people, executing our strategic priorities and fully leveraging our competitive advantages. 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. ExxonMobil 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 Soon thereafter, Mark was promoted to Assistant Controller, and ultimately, Senior Vice President of Accounting, in 2012. Biraj Borkhataria -- RBC Capital Markets -- Analyst. 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 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. On June 1st, we plan to launch our new enterprisewide trading organization. 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 so, when we're selling assets, sometimes we're taking a small impairment that runs through depreciation. We got high gas prices in Europe with, I think, the potential to go higher. In 2019, he assumed the role of Vice President Investor Relations, and was promoted to his current position in 2021. Darren Woods, Chairman and Chief Executive Officer; Kathy Mikells, Senior Vice President and Chief Financial Officer; and Jennifer Driscoll, Vice President of Chief Technology Officer Our global projects organization would be a great example of that. Before that he was the vice president responsible for Asia projects in ExxonMobil Development Company. 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. As you know, it's very tied to economic activity. We plan to build on our record 2022 results, leveraging the unique insights we gained from participating across each of our value chains and all along their entire length, with a global operating footprint larger than any of our competitors. And so, that marginal tier of production is a lot more expensive than it's been historically, and that's going to keep, I think, pressure on higher prices for the globe and, therefore, better margins if you're producing outside of Europe. Find contact details for 700 million professionals. Prior to Valero, Bhullar was an Investment Banker focused on the Energy sector at J.P. Morgan and Citigroup. 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. He joined Esso Chemical Company in 1984 at the Fawley Refinery in the United Kingdom upon graduating from the University of Surrey. 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. 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. 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. 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. 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. Thanks for taking my question. 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. 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. Schmeltekopf graduated Magna Cum Laude with a Bachelor of Business Administration degree from Texas State University in 1987. [Operator instructions] We'll go first to Neil Mehta with Goldman Sachs. Good day, everyone, and welcome to this ExxonMobil Corporation first quarter 2023 earnings call. The CTO aligns services responsible for computer operations and production, Experience Chief Technology Officer ExxonMobil Jan 1999 - Present 24 years 4 months. In 2014, Mr. Woods was elected senior vice president of Exxon Mobil Corporation. ExxonMobil Learn about our production and sale of renewable diesel, a low-carbon fuel. He joined Valero in 2005 as part of the Premcor acquisition, serving as Refinery Manager of the Memphis refinery at the time. Sure, Doug. The Motley Fool has no position in any of the stocks mentioned. 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. Mr. Corson started his career with ExxonMobil in 1983 in New Orleans, Louisiana, and has held various technical, operations, commercial and managerial assignments around the world. ExxonMobil 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. We're working with our partner there, Total. Effective On May 1st, two new enterprisewide organizations will be up and running. Exxon Mobil Corporation officers. Yeah. Perspective ExxonMobil All Rights Reserved. Prior to attending the University of Texas, Fraser served in the U.S. Army in 1986-1990. Obviously, we need to be convinced that that will sustain that progress. He joined the company from AMD, where he served as head of research and advanced development. 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. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. And so, we can now trade all along the entire length of the value chain. From 2005-2007, he served as an upstream advisor for Exxon Mobil Corporation. Yeah. We'll go next to John Royall with J.P. Morgan. I think that that completes our queue. Coinbase chief legal officer Paul Grewal on company's heated Making the world smarter, happier, and richer. So, if economic activity is constrained, then chemical demand is constrained. He previously served as President, and as Chief Operating Officer, responsible for refining operations and commercial operations in marketing, supply and transportation. 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. He received his Bachelor of Business Administration and Master of Science degrees in accounting from Texas Tech University, where he also played football. 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. We've now integrated our upstream into those value chains. Aug. 30, 2022, Who we are That has been, you know, a source of not only demand but also of exports. And so, I mean, we're looking -- we're working really hard on our technology portfolio in the Permian. Global trading will bring together expertise from across the company in crude, products, natural gas, power, and marine-freight trading.

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