Sunday, 25 June, 2017

President Trump and ExxonMobil (XOM) Share Agendas With $20 Billion Investment

Woods sees downstream as an Exxon growth engine Woods sees downstream as an Exxon growth engine
Mae Harvey | 09 March, 2017, 00:46

A White House press release praising Exxon Mobil Thursday for a "job-creating investment program" lifted an entire paragraph from the corporation's own statement just an hour earlier, CNN and The Washington Post report. Further, numerous products that will be manufactured here in the United States by American workers will be exported to other countries, which will improve the balance of trade.

Woods said the investment plan responds to the rising supply of natural gas.

Woods added the projects will provide long-term economic benefits to the regions in Texas and Louisiana, creating more than 45,000 jobs, many of which will average salaries of around $100,000 a year.

Russian Federation said Monday it wants to become a leader in liquefied natural gas, and Exxon Mobil (XOM) announced a major investment in the Gulf of Mexico that will expand LNG and refining operations. ExxonMobil's statement, which promoted its plans to invest $20 billion over 10 years while allegedly creating 45,000 jobs, was uncritically passed on in almost exact form in the official White House release.

And true to style, the President took to Twitter to make his thoughts on the matter clear and drive home some of his personal ideology about how America needs to work.

Woods, who assumed command of the world's largest publicly-held energy company on January 1, when former CEO Rex Tillerson resigned to become President Trump's Secretary of State, said ExxonMobil put its so-called Growing the Gulf plan into motion in 2013. In any case, you can mark this one down as an embarrassing mixture of laziness and a suck-up mentality, albeit one that looks more conspicuous when you realize that the former head of ExxonMobil is now the secretary of state.

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In his CERAWeek address, Woods stressed that growth in energy resources and the economy need not come at the expense of the environment. In 2011, when new EPA chief Scott Pruitt was attorney general of Oklahoma, he received a letter from one of the state's largest oil companies. The global economy can grow while also improving the climate, he said. The stock is down -16.89% in this year through last close.

Several company projects were listed during the speech, ones that Woods emphasized are aimed at reducing emissions and increasing energy efficiency such as making biofuels from agricultural waste and algae.

"By capturing Carbon dioxide in gas-fired power generation before it is emitted, this potential game-changer enables us to envision a future in which hydrocarbon use and de-carbonization go hand-in-hand", Woods said. Dubbed "Growing the Gulf", Woods explained that the company has embarked on an initiative that seeks to further capitalize on the proximity of U.S. shale fields to its Gulf of Mexico refining base.

Woods also noted research with Georgia Tech on a new membrane for the process of reverse osmosis that can convert oil and natural gas to higher-value fuels and chemicals. The oil and gas giant claims the move will create 45,000 jobs.

Most of the company's planned new chemical capacity investment in the Gulf region is targeted toward export markets in Asia and elsewhere.

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