A new initiative by ExxonMobil will build and expand manufacturing facilities along the US Gulf Coast.
Exxon Mobil Corp. is positioning itself for future growth and part of that will come from $20 billion worth of investments into the company’s Growing the Gulf initiative.
Through the initiative, which ExxonMobil CEO Darren Woods announced Monday during the CERAWeek by IHS Markit conference in Houston, the company will invest $20 billion into 11 refining and chemical manufacturing projects in the U.S. Gulf Coast over a 10-year period.
The 11 projects will create more than 45,000 jobs, said Woods.
“These will be high skilled, high paying jobs averaging about $100,000 per year … and they are multiplier jobs, meaning they’ll create many more jobs in the community. We’re building a manufacturing powerhouse along the Gulf Coast.”
Woods also stressed the importance of innovation and said ExxonMobil was partnering with more than 80 universities to explore new energy frontiers.
“The only way to keep winning in a competitive market is to keep innovating,” he said.
ExxonMobil recently completed a $5.6 billion Permian acquisition, and Woods sees great opportunities there. Just a few months into his position as CEO, Woods said his priorities are the same as all the CEOs before him.
“It’s about growing shareholder value,” Woods said. “We’ve got to leverage our talent and capabilities. We’ve got a deep bench of technical skills and a rich portfolio of investments … I’m blessed.”
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