Breaking: Exxon announcing new Gulf project.
- Thread starter PriddyBoy
- Start date
Here was the best part:
“[P]olicies in the form of subsidies, mandates and trade barriers only hinder progress. They are more expensive and lead to poor investment decisions, focused on the limitations imposed, not true innovation. The real drive to innovate comes from competition in a free market. It comes from all of us striving to out-perform one another to find a cleaner, cheaper, smarter way to meet society’s needs. When we win, we are rewarded in this market, and we use these rewards to invest in more technology and more growth. The only way to keep winning in a competitive industry is to keep innovating.”
Hopefully `our President starts listening to business leaders when it comes to FREE trade and protectionism.
I loved the first paragraph. Your add on is tainted with your bias. What do you mean " Hopefully `our President starts listening?" Trump is a world player. He wants international trade, but as stated, he doesn't want to enter into massive trade deal conglomerates of nations unless they are fair to us. One on one deals should be an option as well as multi-national deals. America 1st.
Read the man's statement. He's pushing for free trade, not this unicorn "fair" trade ******** with trade barriers. How is that biased, snowflake?
Maybe LOVED wasn't clear enough. I love the first paragraph. Better?
You didn't source the statement. I assumed you were the source of this second paragraph.
My apology if that came from Exxon.
lol. I am thoroughly confused. I did post the hopefully line as a summation of what the CEO said. I don't see how that's biased and that was my original contention with your post.
I'd argue that if he is still pushing protectionist "fair" trade, border taxes, etc then he is not listening on this issue. I don't think that makes my statement bias just because I don't agree with you and POTUS.Starts listening? That suggests bias, when everyone knows Trump's ears are almost as mighty as his hands.
http://www.reuters.com/article/us-ceraweek-exxon-idUSKBN16D2G6?il=0
Exxon to invest $20 billion on U.S. Gulf Coast refining projects
Exxon Mobil Corp (XOM.N), the world's largest publicly traded oil producer, said on Monday it would invest $20 billion through 2022 to expand its chemical and oil refining plants on the U.S. Gulf Coast.
The investments at 11 sites should create 35,000 temporary construction jobs and 12,000 permanent jobs, Chief Executive Darren Woods said in a speech at CERAWeek, the world's largest gathering of energy executives.
Woods ran Exxon's refining division before becoming CEO two months ago and the new spending benefits a sector with which he has significant experience and comfort. 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.
"Exxon Mobil is building a manufacturing powerhouse along the U.S. Gulf Coast," Woods said. "These businesses are leveraging the shale revolution to manufacture cleaner fuels and more energy-efficient plastics."
The investments across Texas and Louisiana, will take advantage of cheap shale gas to make plastics and other chemicals for export. The strategy builds on prior steps Exxon and peers, including Dow Chemical Co (DOW.N), have taken in the wake of the American shale expansion, which sharply cut production costs.
"The supply is here. The demand is there. We want to keep connecting those dots," he said.
Exxon last month pledged to boost this year's spending by 16 percent to expand operations, especially in shale production, after the company posted a better-than-expected quarterly profit, helped by rising oil prices and lower costs.
U.S. President Donald Trump, who tapped former Exxon CEO Rex Tillerson for secretary of state, praised the company's spending plans as an example of "a true American success story." Most of the permanent jobs are expected to pay more than $100,000 per year.
"This is exactly the kind of investment, economic development and job creation that will help put Americans back to work," Trump said.
The bulk of the expansion will take place in Beaumont, Texas, with plans to expand polyethylene production, oil refining capacity and liquefied natural gas exports.
Exxon also will increase its lubricant manufacturing capacity and potentially build a new refinery to produce ethane, a key building block for chemical production.
CLIMATE CHANGE
Woods spent the larger part of his speech discussing climate change, an area for which Exxon has come under attack in the past year. The global economy can grow while also improving the climate, he said.
"I believe the assumption that affordable energy and a cleaner environment are a zero-sum game is mistaken," he said. "It underestimates the power of technology."
Woods highlighted Exxon's research into carbon capture sequestration, biofuels and other areas as ones helping the company expand its operations beyond oil and gas.
"The only way to keep winning in a competitive market is to keep innovating," he said.
Hoping to stem at least some of the environmental controversy, Exxon in January, just after Woods became CEO, named an environmentalist to its board of directors.
Exxon to invest $20 billion on U.S. Gulf Coast refining projects
Exxon Mobil Corp (XOM.N), the world's largest publicly traded oil producer, said on Monday it would invest $20 billion through 2022 to expand its chemical and oil refining plants on the U.S. Gulf Coast.
The investments at 11 sites should create 35,000 temporary construction jobs and 12,000 permanent jobs, Chief Executive Darren Woods said in a speech at CERAWeek, the world's largest gathering of energy executives.
Woods ran Exxon's refining division before becoming CEO two months ago and the new spending benefits a sector with which he has significant experience and comfort. 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.
"Exxon Mobil is building a manufacturing powerhouse along the U.S. Gulf Coast," Woods said. "These businesses are leveraging the shale revolution to manufacture cleaner fuels and more energy-efficient plastics."
The investments across Texas and Louisiana, will take advantage of cheap shale gas to make plastics and other chemicals for export. The strategy builds on prior steps Exxon and peers, including Dow Chemical Co (DOW.N), have taken in the wake of the American shale expansion, which sharply cut production costs.
"The supply is here. The demand is there. We want to keep connecting those dots," he said.
Exxon last month pledged to boost this year's spending by 16 percent to expand operations, especially in shale production, after the company posted a better-than-expected quarterly profit, helped by rising oil prices and lower costs.
U.S. President Donald Trump, who tapped former Exxon CEO Rex Tillerson for secretary of state, praised the company's spending plans as an example of "a true American success story." Most of the permanent jobs are expected to pay more than $100,000 per year.
"This is exactly the kind of investment, economic development and job creation that will help put Americans back to work," Trump said.
The bulk of the expansion will take place in Beaumont, Texas, with plans to expand polyethylene production, oil refining capacity and liquefied natural gas exports.
Exxon also will increase its lubricant manufacturing capacity and potentially build a new refinery to produce ethane, a key building block for chemical production.
CLIMATE CHANGE
Woods spent the larger part of his speech discussing climate change, an area for which Exxon has come under attack in the past year. The global economy can grow while also improving the climate, he said.
"I believe the assumption that affordable energy and a cleaner environment are a zero-sum game is mistaken," he said. "It underestimates the power of technology."
Woods highlighted Exxon's research into carbon capture sequestration, biofuels and other areas as ones helping the company expand its operations beyond oil and gas.
"The only way to keep winning in a competitive market is to keep innovating," he said.
Hoping to stem at least some of the environmental controversy, Exxon in January, just after Woods became CEO, named an environmentalist to its board of directors.
No, that's when business wins, particularly big business. Not the American public, which Trump has been elected to represent.
I never said tariffs were the answer.
This free for all let every dang foreigner known to mankind in immigration policy needs to end, however.
You may need to use the public service statement regarding sarcasm on this one too.
It could also be argued that "free trade" along with Chinese currency manipulation has done wonders for the American middle-class.
Corporate arbitrage of labor cost has cost the middle class significantly in America. I certainly don't have the answer to the problem. I agree with you that tariffs generally speaking are not the answer. But without a vibrant middle class, this country will continue to disintegrate into those that have and those that don't have. That will not be a good situation for anyone.
Good thing to the ecosystem was beginning to recover from BP, let's increase the odds of finishing it off for good
Come on...there are other ways to add those jobs. Government funded hug factories for one.
I don't care about vetting process. We're over legal immigration numbers by far, using loopholes and illegals.
I'm not sure what immigration policies have to do with tariffs, border taxes, "fair" trade policies, etc. ?