Exxon Mobil Corp. (NYSE: XOM) will complete a series of 11 projects on the U.S. Gulf Coast that is expected to create more than 45,000 jobs by the time they are done.
“This is exactly the kind of investment, economic development, and job creation that will help put Americans back to work!”, said President Trump in response to the investment.
The projects are centered around exports from the region, said Darren Woods, Exxon Mobil’s chairman and CEO,
“These projects are export machines,” Woods said. “The supply is here, the demand is there, and we want to keep connecting those dots.”
The jobs will pay an average of about $100,000 per year, Woods said. The projects represent about $20 billion in investment on the part of Exxon Mobil.
Woods said the projects are only possible because of the position of the U.S. in the global market after the shale boom at the turn of the decade. That drove supply of crude, which in turn has driven demand for refining capacity, he said.
“An upstream technology breakthrough has led to a downstream manufacturing renaissance,” he said.
The projects stretch across the chemical, refining, lubricant and liquefied natural gas markets, according to a press release. They will take place at existing and new proposed facilities along the coastlines of Texas and Louisiana, and the exports are largely targeted at Asian markets, according to the release.
Many of Exxon Mobil’s Texas projects involve Tax Code Chapter 313 agreements, which allows local school districts to strike deals with corporations on behalf of the state, lowering a company’s property tax obligations in exchange for jobs and major investments.