ExxonMobil Announces $2 Billion Baytown Chemical Expansion Project; Releases Study Showing Value of Investments to U.S. Economy
02 Mayo 2019 - 9:00AM
Business Wire
- Baytown expansion to create
approximately 2,000 jobs during construction
- Project to maximize the value of
increased production from the Permian
- ExxonMobil contributed over $43 billion
to U.S. gross domestic product in 2017, study shows
ExxonMobil said today that it will proceed with a $2 billion
investment to expand its Baytown, Texas chemical plant, which will
create approximately 2,000 jobs during construction and contribute
to the approximate 15 percent return the company expects from its
chemical investments.
The Baytown expansion is in addition to the company’s 2017
Growing the Gulf initiative, which outlined plans to build and
expand manufacturing facilities along the U.S. Gulf Coast, creating
more than 45,000 high-paying jobs across the region.
“Our substantial investments in the United States support
ExxonMobil’s long-term growth plans and will result in thousands
more high-paying jobs,” said Darren W. Woods, ExxonMobil chairman
and chief executive officer. “Through the billions of dollars that
we’re investing in the Permian Basin to increase oil production and
the expansion at our operations along the Gulf Coast, our company
is making significant, lasting contributions to the U.S. economy
and the many communities where we operate.”
ExxonMobil commissioned Ernst & Young to examine the
contributions the company made to the U.S. economy in 2017 – the
year the Growing the Gulf initiative was launched. The research
concluded that during 2017, ExxonMobil contributed more than $43
billion to the U.S. gross domestic product and direct, indirect and
induced economic activity supported nearly 177,000 jobs across the
country.
“This research, focused on a single year, is a powerful snapshot
of how our business in the United States directly benefits the
American economy,” said Woods. “It underscores the many ways that
the company and our employees are contributing to prosperity across
the country.”
The Ernst & Young research also found that in 2017:
- ExxonMobil’s U.S. operations supported
nearly $6.72 billion of direct labor income – averaging
$208,000 per worker in total annual compensation, including
wages and benefits.
- The impact of ExxonMobil’s operations
and investments includes more than $7 billion of tax and royalty
payments.
- The company made capital investments
in 20 states.
Woods said the company’s recent investments, such as a major
expansion of oil and gas production in the Permian Basin and the
planned expansion at Baytown, will continue to boost the U.S.
economy.
“Our Baytown chemical expansion will put us in a solid position
to maximize the value of increased Permian Basin production and
will deliver higher-demand, higher-value products produced at our
Gulf Coast refining and chemical facilities,” said Woods.
“Global demand for chemicals is expected to be greater than
energy demand growth and GDP growth over the next 20 years,” Woods
said.
The expansion, expected to start up in 2022, includes a new
Vistamaxx™ performance polymer unit, which produces products that
offer higher levels of elasticity, softness and flexibility,
attributes that contribute to a reduction in materials used and
increased performance in everyday products. The new unit will
produce about 400,000 tons of Vistamaxx™ polymers a year.
The project will also enable ExxonMobil to enter the linear
alpha olefins market. Linear alpha olefins are used in numerous
applications, including high-performing engine and industrial oils,
waxes and building blocks for surfactants, polyethylene plastic for
packaging, and other specialty chemicals. The new unit will produce
about 350,000 tons of linear alpha olefins a year.
ExxonMobil’s Baytown facility is the largest integrated
petrochemical complex in the U.S. and is one of the most
technologically advanced refining and petrochemical complexes in
the world. Founded in 1919, the complex is located on approximately
3,400 acres along the Houston Ship Channel, about 25 miles east of
Houston. The facility includes a refinery, chemical plant, olefins
plant, plastics plant and global technology center.
About ExxonMobil
ExxonMobil, the largest publicly traded international oil and
gas company, uses technology and innovation to help meet the
world’s growing energy needs. ExxonMobil holds an industry-leading
inventory of resources, is one of the largest refiners and
marketers of petroleum products, and its chemical company is one of
the largest in the world. For more information, visit
www.exxonmobil.com or follow us on Twitter
www.twitter.com/exxonmobil.
Cautionary Statement:
Statements of future events or conditions in this release are
forward-looking statements. Actual future results, including
project plans, schedules, capacities, and costs; business results
including rates of return; demand growth; and economic impacts
could differ materially due to factors such as changes in prices of
oil, gas, or petrochemicals and other market factors affecting the
chemical industry and the supply and demand for our products; the
occurrence and duration of economic recessions; timely completion
of construction projects and unforeseen technical or operating
difficulties; political or legal developments including changes in
environmental or tax laws and obtaining necessary government
permits and approvals; the outcome of commercial negotiations; the
actions of competitors; and other factors discussed under the
heading Factors Affecting Future Results on the Investors page of
our website at exxonmobil.com. The reference to approximate
expected return from chemical investments means average discounted
cash flow return based on the Corporation’s estimates and planning
outlook as of the March 6, 2019 date of our most recent Investor
Day presentation, which is also available on our website. The term
“project” in this release may refer to a variety of activities and
does not necessarily have the same meaning as in any government
payment transparency reports.
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