Exxon to invest $20 bln on U.S. Gulf Coast refining projects

[jpak]

Source: Reuters

Exxon Mobil Corp, 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.

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Read more: http://in.reuters.com/article/ceraweek-exxon-mobil-idINKBN16E1WH

[DFW]

1. Oh, well

I never take my beach vacations on the Gulf anyway (I may be a southerner, but it's Cape Cod for me!), and my doctor told me to cut down on crustaceans, so I have more than one reason for avoiding those wonderful shrimp.

I'm sure the water will clear up again in a century or two anyway.

[matt819]

2. OK

1. Der drumpfenfuhrer is not responsible for this. Twenty billion dollar decisions are not made in 6 weeks.

2. Reduce those construction jobs and permanent jobs by 20% or more. These kinds of estimates are always high.

3. I'd like to see the tax breaks states are giving these companies and the ultimate cost to these states and communities for these jobs.

4. And that's to say nothing of the environmental degradation.

5. And let's see what actually gets built. It's one thing to announce $22 billion in projects, but if the oil price plummets, these projects will disappear.

6. Just sayin'.

[TexasBushwhacker]

3. Per Spicy

"When asked if Trump was taking credit for an investment program that began under former President Barack Obama in 2013, White House spokesman Sean Spicer said that Exxon made it clear to the president it was investing more in the United States because of his push for fewer regulations and tax relief."

Because if Spicy says it, it must be true.

In any case, if a company is expanding because of "fewer regulations" that just tells me they'll be polluting more and endangering their employees. Of course, tax relief means they'll be paying even less than their fair share.

[dixiegrrrrl]

4. Between the weather and the Republicans, poor Louisiana is gonna be a write off.

deepwater Horizon really damaged at lot of the gulf coast, esp. Louisiana, and THAT was when we were supposed to have regulations, but under Bush, BP got away, literally, with murder.
glad I spent the time I did on gulf Coast before it all went south...so to speak.

[NickB79]

5. Gonna be a shame, seeing all that go under water

As the ice caps melt away due to the very fuels they refine.