Exxon Mobil will spend $20 billion and create 45,000 jobs over the next decade as it builds a "manufacturing powerhouse" along the Gulf Coast, CEO Darren Woods announced on Monday. 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 coasts of Texas and Louisiana. The company started investing in 2013 and anticipates to continue spending through 2022. ExxonMobil CEO Rex Tillerson resigned to serve as Secretary of State in the Trump administration. "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", he said.
ExxonMobil is plannedally investing in new refining and chemical-manufacturing projects in the U.S. Gulf Coast region to expand its manufacturing and export capacity.
Mr. Woods said such large-scale investments "require a pro-growth approach and a stable regulatory environment and we appreciate the president's commitment to both". "We want to keep connecting those dots". Most of the permanent jobs are expected to pay more than $100,000 per year. "And these jobs will have a multiplier effect, creating many more jobs in the communities that service these new investments".
"This is exactly the kind of investment, economic development and job creation that will help put Americans back to work, " Trump said in a statement released Monday. The Company is engaged in the exploration and production of crude oil and natural gas, manufacturing of petroleum products, and transportation and sale of crude oil, natural gas and petroleum products.
ExxonMobil acquired around 275,000 acres in the Texas' oil-rich Permian basin for $6.6 billion in January.
Still, during a keynote speech Monday at an oil and gas industry conference in Houston, Woods gave credit to the Trump administration.
While celebrating the fact that hydraulic fracturing has helped make the United States a top producer of oil and gas in the world, he said the technology has also brought about a new era of investing for the country's downstream and manufacturing businesses. Bill Cassidy, R-La. "These projects will improve our economy and bring the well-paying jobs our state and country needs".
Woods noted that ExxonMobil has an interest in about one-fourth of the world's carbon capture and storage capacity. "Like those other plans, Exxon didn't specify how much of the 10-year investment program was previously announced".
"By capturing Carbon dioxide in gas-fired power generation before it is emitted, this potential game-changer enables us to envision a future in which hydrocarbon use and de-carbonization go hand-in-hand", Woods said.