ExxonMobil makes $20 billion move into US Gulf Coast

ExxonMobil makes $20 billion move into US Gulf Coast

ExxonMobil (NYSE:XOM) has announced it will commit US$20 billion of investments to the US Gulf Coast over a 10-year period.

The world’s largest publicly traded oil company will strategically invest in new refineries, petrochemicals and other projects across the region.

Chairman and chief executive Darren Woods told listeners at a keynote speech at CERAWeek the commitment would bring 35,000 temporary construction jobs and 12,000 permanent jobs to the area.

“The United States is a leading producer of oil and natural gas, which is incentivising US manufacturing to invest and grow,” said Woods.

“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.”

US President Donald Trump thanked ExxonMobil for its commitment to the American Gulf Coast in a message from the White House and in a series of tweets.

The investments will spread over 11 proposed and existing sites along the Texas and Louisiana coasts and reflect the oil major’s long-term commitment to the US shale energy industry.