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Exxon Says It’ll Spend $20 Billion On Gulf Coast Projects

Exxon MObil (Daniel Acker/Bloomberg via Getty Images)
Exxon MObil (Daniel Acker/Bloomberg via Getty Images)

HOUSTON (AP) — Exxon Mobil Corp. says it plans to spend $20 billion over 10 years on refineries, chemical and liquefied natural gas plants along the Gulf Coast.

Chairman and CEO Darren Woods said Monday that the company would expand current plants and build new ones, mostly designed to create petroleum products for export.

Woods said the work would create 12,000 permanent jobs — Exxon currently has about 71,000 employees — and 35,000 construction jobs.

The sum of $20 billion would be roughly equal to Exxon’s total capital spending last year. The company announced last week that it plans to increase overall investments to an average of $25 billion a year from 2018 to 2020.

 

Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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