Exxon Mobil Plans to Invest $20 Billion on US Gulf Coast Project

Exxon Mobil Plans to Invest $20 Billion on US Gulf Coast Project

Exxon Mobil will spend Dollars 20 billion and create 45,000 jobs over the next decade as it builds a "manufacturing powerhouse" along the Gulf Coast, a move welcomed by United States president Donald Trump. Trump congratulated Exxon Mobil - the company Tillerson formerly led - on its announcement that it would be spending $20 billion on expanded investments in 11 Gulf Coast projects. Exxon's investment is expected to produce 45,000 jobs over a ten-year period.

"The United States is a leading producer of oil and natural gas, which is incentivizing USA manufacturing to invest and grow", Woods said. The Company's segments include Upstream, Downstream, Chemical, and Corporate and Financing.

Trump said in the statement, "This is exactly the kind of investment, economic development and job creation that will help put Americans back to work". "The supply is here, the demand is there, and we want to keep connecting those dots".

"These jobs will have a multiplier effect, creating many more jobs in the community that service these new investments", said the White House statement, without citing Woods.

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However, Exxon spokesperson Alan Jeffers stated that the controversy was overblown and was simply a matter of Exxon providing Trump's team "with information about an announcement we were making and they chose to issue a statement congratulating us". Further, numerous products that will be manufactured here in the United States by American workers will be exported to other countries, which will improve the balance of trade. Trump called Exxon a true success story of America and praised its business plans.

Woods' comments at CERAWeek may presage major themes up for debate at the oil industry's biggest annual conference.

The US exported about Dollars 91 billion of petroleum and natural gas products in 2015, according to UN Comtrade data, but it imported even more - about USD 95 billion. The global economy can grow while also improving the climate, he said.

Woods noted that ExxonMobil has an interest in about one-fourth of the world's carbon capture and storage capacity. The company reported its last quarter on Dec 16. Woods said that if this project can be used to capture emissions from power plants then it may bring about "a future in which hydrocarbon use and decarbonization go hand in hand".

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Several company projects were listed during the speech, ones that Woods emphasized are aimed at reducing emissions and increasing energy efficiency such as making biofuels from agricultural waste and algae. "We're building a manufacturing powerhouse along the Gulf Coast". "It also reduces energy use and emissions".

Woods also tackled the particularly thorny issue of fossil fuels impact on climate change.

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. Most of ExxonMobil's planned new chemical capacity investment in the Gulf region is targeted toward export markets in Asia and elsewhere.

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