In a boon for the Gulf Coast, Exxon indicates that it will spend $20 billion over the next 10 years on refineries and chemical and liquefied natural gas plants in the region, according to an article from the Los Angeles Times. The company reportedly plans 10 expansion projects at current facilities in Texas and Louisiana along with a new chemical plant in a yet to be determined location on the Gulf Coast.
According to the Times, Chairman and Chief Executive Darren Woods, who took over when Rex Tillerson left to become secretary of state in the Trump administration, made the announcement in his first public rounds as CEO. Woods says the Gulf Coast projects will create 12,000 permanent jobs and 35,000 construction jobs. Woods, who joined Exxon in 1992, has reportedly spent the bulk of his career in chemicals and refining.
Read the entire L.A. Times article here.