ExxonMobil to Spend $20 Billion on the US Gulf Coast

Company - Pavan Pandey - Mar 07,2017

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exxonmobil to spend 20 billion dollars on the us gulf coast

The CEO of ExxonMobil Corp., Mr. Darren Woods stated at CERAWeek that the investment should generate 35000 temporary construction jobs and 12000 permanent Jobs.

On Monday, ExxonMobil Corp. stated that the company would invest $20 billion over 2022 to enlarge Exxon’s chemical and oil refining plants on the United States Gulf Coast.

According to the ExxonMobil, it plans 10 expansion projects at present facilities around Texas, Beaumont and Baytown and Baton Rouge, La. The company also wants to construct a new chemical plant at a place yet to be determined along the Gulf.

The company further added that some expansions initiated in the year 2013, but the actual scope of the Gulf Coast project is now mounting and the timeline extended.

During his speech at CERAWeek, the oil industry’s biggest annual conference, Mr. Darren Woods said: "Exxon Mobil is building a manufacturing powerhouse along the U.S. Gulf Coast."

Mr. Woods further added that these businesses are utilizing the shale revolution with an aim to produce cleaner fuels with further advancements in the offering of energy-efficient plastics.

Mr. Woods makes his first public appearance as Chief Executive Officer with this announcement. He took over the post from former company CEO Rex Tillerson in January, who has been currently appointed as Donald Trump’s secretary of State.

Last year, the company announced the better-than-expected quarterly profit, which was assisted by rising oil prices along with lower costs. Further, Exxon assured to advance 2017 spending by a significant percentage to swell up operations primarily focused on shale production. 

Last week, ExxonMobil Corp. made a prominent announcement regarding overall investments. The company plans to increase the limit to an average of $25 billion a year from 2018 to 2020.

The US President Donald Trump also appreciated the firm’s investment and said: “this is exactly the kind of investment, economic development and job creation that will help put Americans back to work."