Exxon to invest $20 billion on U.S. Gulf 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 chemical and 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 in Houston.

FROM EXXON | ExxonMobil Plans Investments of $20 Billion to Expand Manufacturing in U.S. Gulf Region

Exxon last month pledged to boost this year's spending by 16 percent to expand operations, especially in shale production, after the company posted a better-than-expected quarterly profit, helped by rising oil prices and lower costs.

The quarterly report was Exxon's first under Woods, after former CEO Rex Tillerson was appointed as U.S. President Donald Trump's secretary of state.

© 2017 KBMT-TV


JOIN THE CONVERSATION

To find out more about Facebook commenting please read the
Conversation Guidelines and FAQs

Leave a Comment