ExxonMobil Plans Investments of $20 Billion to Expand Manufacturing in U.S. Gulf Region
March 06 2017 - 3:10PM
Business Wire
- New projects expected to create more
than 45,000 high-paying jobs across the region and thousands more
through multiplier effect
Exxon Mobil Corporation (NYSE:XOM) is expanding its
manufacturing capacity along the U.S. Gulf Coast through planned
investments of $20 billion over a 10-year period to take advantage
of the American energy revolution, Darren Woods, chairman and chief
executive officer, said Monday.
The projects, at 11 proposed and existing sites, are expected to
generate thousands of new high-paying jobs and $20 billion in
increased economic activity in Texas and Louisiana, Woods said,
highlighting the company’s Growing the Gulf initiative in a keynote
speech today at the CERAWeek 2017 conference.
“The United States is a leading producer of oil and natural gas,
which is incentivizing U.S. manufacturing to invest and grow,” said
Woods. “We are using new, abundant domestic energy supplies to
provide products to the world at a competitive advantage resulting
from lower costs and abundant raw materials. In this way, an
upstream technology breakthrough has led to a downstream
manufacturing renaissance.”
ExxonMobil is strategically investing in new refining and
chemical-manufacturing projects in the U.S. Gulf Coast region to
expand its manufacturing and export capacity. The company’s Growing
the Gulf expansion program, consists of 11 major chemical,
refining, lubricant and liquefied natural gas projects at proposed
new and existing facilities along the Texas and Louisiana coasts.
Investments began in 2013 and are expected to continue through at
least 2022.
Woods said that ExxonMobil’s Gulf expansion projects are
expected to provide long-term economic benefits to the region,
noting the creation of direct employment opportunities and the
multiplier effects of the company’s investments.
“Importantly, Growing the Gulf also creates jobs and lasting
economic benefits for the communities where they’re located,” Woods
said. “All told, we expect these 11 projects to create over 45,000
jobs. Many of these are high-skilled, high-paying jobs averaging
about $100,000 a year. And these jobs will have a multiplier
effect, creating many more jobs in the communities that service
these new investments.”
According to the American Chemistry Council, chemical
manufacturing is one of America’s top exporting industries,
accounting for 14 percent of overall U.S. exports in 2015, and
exports of specific chemicals linked to shale gas are projected to
reach $123 billion by 2030. Most of ExxonMobil’s planned new
chemical capacity investment in the Gulf region is targeted toward
export markets in Asia and elsewhere.
“These projects are export machines, generating products that
high-growth nations need to support larger populations with higher
standards of living,” Woods said. “Those overseas markets are the
motivation behind our investments. The supply is here; the demand
is there. We want to keep connecting those dots.”
About ExxonMobil
ExxonMobil, the largest publicly traded international oil and
gas company, uses technology and innovation to help meet the
world’s growing energy needs. ExxonMobil holds an industry-leading
inventory of resources, is one of the largest refiners and
marketers of petroleum products and its chemical company is one of
the largest in the world. For more information, visit
www.exxonmobil.com or follow us on Twitter
www.twitter.com/exxonmobil.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170306005926/en/
ExxonMobilMedia Relations, 972-444-1107
Exxon Mobil (NYSE:XOM)
Historical Stock Chart
From Mar 2024 to Apr 2024
Exxon Mobil (NYSE:XOM)
Historical Stock Chart
From Apr 2023 to Apr 2024