Exxon to invest $20 billion on U.S. Gulf Coast refining projects
Exxon Mobil Corp (XOM.N), the world’s largest publicly traded oil producer, said on Monday it would invest $20 billion through 2022 to expand its chemical and oil refining plants on the U.S. Gulf Coast.
The investments at 11 sites should create 35,000 temporary construction jobs and 12,000 permanent jobs, Chief Executive Darren Woods said in a speech at CERAWeek, the world’s largest gathering of energy executives.
Some of the expansions began in 2013, but the scope of the project is now growing and the timeline extended, Exxon said.
Woods ran Exxon’s refining division before becoming CEO two months ago, and the new spending benefits a sector with which he has significant experience and comfort. Investments in the high-margin projects should help ease concerns from Wall Street that Exxon’s growth potential – especially in oil and gas exploration and production – is sliding.
“Exxon Mobil is building a manufacturing powerhouse along the U.S. Gulf Coast,” Woods said. “These businesses are leveraging the shale revolution to manufacture cleaner fuels and more energy-efficient plastics.”
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