The Chairman and CEO of Exxon Mobil, Darren Woods said that this expansion plan is designed to create the petroleum products for export. The project is expected to generate $20 billion in economic activity in Texas and Louisiana.
"These will be high skilled, high paying jobs averaging about $100,000 per year ... and they are multiplier jobs, meaning they'll create many more jobs in the community".
The president seized on the announcement as an affirmation of his campaign and governing agenda, after spending hours meeting with company CEOs at his private properties and at the White House to try to get them to goose investment.
In many cases, Trump has taken credit for the investment, though sometimes the plan had been in the works for years.
The announcement comes as natural gas prices, largely fuelled by the boom in fracking, dropped precipitously, reaching the lowest level in a decade previous year.
"We are using new and abundant domestic energy supplies to provide products at a competitive advantage", Woods said at the conference held in Houston, Texas.
As per the American Chemistry Council, chemical manufacturing is considered as one of America's top exporting industries, accounting for 14 percent of overall US exports in 2015, and exports of specific chemicals linked to shale gas are projected to reach $123 billion by 2030.
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Woods has confirmed that Exxon Mobil is under the phase of construction of a manufacturing powerhouse in the Gulf Coast of the United States.
Moreover, Irving, TX-based Exxon Mobil is the world's largest publicly traded oil company.
Exxon shares closed up 0.5% to 82.83 on the stock market today. Because Exxon is vertically integrated it could capture more value than a producer who has to settle for the wellhead price of crude. This stream is the so-called downstream area of business.
The new project indicates a further shift for Exxon, away from worldwide projects and towards a focus on domestic endeavors, specifically those involving shale oil and gas.
Exxon Mobil Corporation (NYSE:XOM) last posted its quarterly earnings data on Friday, October 28th. HSBC Holdings plc set a $85.00 price objective on Exxon Mobil and gave the stock a "neutral" rating in a research note on Tuesday, November 8th. It is also the world's best run integrated oil company based on its track record of high return on capital (ROC) employed.
Exxon recently agreed to buy rights to about 250,000 more acres, doubling its presence in the Permian at a cost of up to $6.6 billion - a huge bet on the hottest oil and gas field in the country. Barry Investment Advisors LLC raised its position in shares of Exxon Mobil Corporation by 1.3% in the second quarter. 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.