ExxonMobil to invest $20B in Gulf Coast projects

Posted March 09, 2017

Woods, who assumed command of the world's largest publicly-held energy company on January 1, when former CEO Rex Tillerson resigned to become President Trump's Secretary of State, said ExxonMobil put its so-called Growing the Gulf plan into motion in 2013.

Chairman and CEO Darren Woods, a keynote speaker at 36th annual CERA Week conference here, yesterday said the projects include 11 proposed and existing sites in Texas and Louisiana.

Exxon said Monday the work would create 12,000 permanent jobs - the energy giant now has about 71,000 employees - and 35,000 construction jobs.

Oil producing giant Exxon Mobil (XOM - Free Report) announced it will be investing $20 billion to grow its chemical and oil refining plants on the U.S. Gulf Coast.

The only difference between the two paragraphs is that the White House has separated "Exxon Mobil" into two words in their release.

Trump has praised XOM considering this kind of investment, economic development and job creation that will help put Americans back to work.

The White House statement included minor deviations from the original, such as changing "U.S." to "United States".

Beaumont in Texas will see the expansion bulk and plan to carry out the expansion of the production of polyethylene, exports of natural gas in liquefied form and the capacity of oil refining.

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"Many of the products that will be manufactured here in the United States by American workers will be exported to other countries, improving our balance of trade".

The fact that the White House is plagiarizing anyone is a reminder that Team Trump is managing to screw up big and small things on a almost daily basis, but in this story, it's far more alarming that the West Wing's communications office is literally on the same page as ExxonMobil.

Woods, whose background is in downstream activities, wants to emphasize this aspect of the company's business in part for the political benefits: The Trump Administration's focus on expanding US exports and building American infrastructure in order to produce new jobs clearly factored into Woods' address, which emphasized the "thousands and thousands" of new manufacturing and highly-skilled jobs the initiative would produce.

In December, Trump plucked Exxon's then-CEO, Rex Tillerson, to be his secretary of state. This information was given at the energy executive gathering, CERAWeek, which is the largest in the world.

"The United States is a leading producer of oil and natural gas, which is incentivizing USA manufacturing to invest and grow", Woods said. The main objectives are to create plastic that is energy efficient and fuel that is cleaner to use.

The CEO, Woods also said that they will try their best to just connect the dots as both the demand and supply has been rising.

Mr. Woods said in a speech at CERAWeek in Houston that all the jobs will be located along the Gulf Coast and many will pay an average of $100,000 a year.

"The only way to keep winning in a competitive market is to keep innovating", he said.