Exxon Mobil said on Monday it would invest $20 billion through 2022 to expand its chemical and oil refining plants on the U.S. Gulf Coast. Fred Katayama reports.
Exxon Mobil says it will invest $20 billion over ten years to expand its chemical and oil refining plants on the U.S. Gulf Coast. The bulk of the expansion will take place in Beaumont, Texas. Exxon plans to expand polyethylene production, oil refining capacity, and liquefied natural gas exports. CEO Darren Woods says the investment should create 35,000 temporary construction jobs and 12,000 permanent jobs, most of them paying more than $100,000 per year. (SOUNDBITE) DARREN WOODS, CHAIRMAN & CEO, EXXON MOBIL CORPORATION: "Exxon Mobil is building a manufacturing powerhouse along the U.S. Gulf Coast." It's not all new. The company began work on some of the projects in 2013. But, Exxon says, it's expanding its plans. Albert Brenner of People's United Wealth Management: SOUNDBITE: ALBERT BRENNER, DIRECTOR OF ASSET ALLOCATION STRATEGY, PEOPLE'S UNITED WEALTH MANAGEMENT, (ENGLISH) SAYING: "Exxon Mobil spent $19 billion last year in their capex. So, if we're looking at $20 billion now spread out throught 2022, the annual of that is material, but not as large as one might think." Last month, Exxon pledged to expand operations, especially in shale production, after the company posted a better-than-expected quarterly profit.