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In addition to generating about 45,000 new jobs, ExxonMobil expects the move to provide long-term economic benefits to the region .
In a January 31 press release, ExxonMobil booked fourth-quarter earnings of $1.7 billion, down 40% on a yearly basis .
ExxonMobil shares were up about 0.45% following the announcement, and are trading at about $82.83.
Coming in at second is State Street Corp., which held about 200.0 million shares valued at $18.1 billion as of the end of the period .
For the 12 months ended December 31, 2016, the company recorded earnings of $7.8 billion, representing a 51% year-over-year decrease .
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Most of ExxonMobil’s planned new chemical capacity investment in the Gulf region is targeted toward export markets in Asia and elsewhere.
“Importantly, Growing the Gulf also creates jobs and lasting economic benefits for the communities where they’re located,” Woods said.
In this way, an upstream technology breakthrough has led to a downstream manufacturing renaissance.”ExxonMobil is strategically investing in new refining and chemical-manufacturing projects in the U.S. Gulf Coast region to expand its manufacturing and export capacity.
“The United States is a leading producer of oil and natural gas, which is incentivizing U.S. manufacturing to invest and grow,” said Woods.
Woods said that ExxonMobil’s Gulf expansion projects are expected to provide long-term economic benefits to the region, noting the creation of direct employment opportunities and the multiplier effects of the company’s investments.
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ExxonMobil presses on with US$20 billion Gulf coast oil and gas drive
ExxonMobil wants the Growing The Gulf investment drive it started in 2013 to continue “through at least 2022”.
The 11 projects comprise a spread of chemical, refinery, lubricants and LNG projects.
With its joint venture partners Qatar Petroleum (QP) and ConocoPhillips, ExxonMobil wants to build two 7.8 million tonne a year (mta) LNG-export trains at Golden Pass.
ExxonMobil is investing strategically in refining and chemical manufacturing, but has LNG interests at Golden Pass, on the Texas side of the Sabine Pass channel.
Mr Woods said: “The US is a leading producer of oil and natural gas, which is incentivising US manufacturing to invest and grow.