Tuesday, March 7, 2017

Trump: Exxon’s $20B expansion plan signals ‘optimism sweeping the country’

Via Billy

In this Wednesday, March 1, 2017, file photo, Exxon Mobil Corporation Chairman & CEO Darren Woods, third from left, joins the applause during opening bell ceremonies at the New York Stock Exchange. Woods succeeded Rex Tillerson, following Tillerson's nomination by President Donald Trump to be the next United States Secretary of State. Woods is a veteran of the more cautious refining side of the oil business who is likely to focus relentlessly on controlling costs. (AP Photo/Richard Drew, File)

President Trump pointed to a $20 billion expansion plan by Exxon Mobil Corp. Monday as an example of “the spirit of optimism sweeping the country.”

“This is exactly the kind of investment, economic development and job creation that will help put Americans back to work,” Mr. Trump said in a statement. “Many of the products that will be manufactured here in the United States by American workers will be exported to other countries, improving our balance of trade.”

Exxon Mobil CEO Darren Woods said Monday at an oil and gas conference in Houston that the company will spend $20 billion by 2020 on its “Growing the Gulf” initiative. The investment in 11 major chemical, refining, lubricant and liquefied natural gas projects along the Texas and Louisiana coasts could create 35,000 construction jobs, and 12,000 full-time jobs, Mr. Woods said.

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