Abundant, affordable domestic natural gas is helping to revitalize energy-intensive industries like petrochemical manufacturing, a senior ExxonMobil Chemical Company executive said today.
In a presentation at the Manufacturing Renaissance Forum, Bruce Macklin, senior vice president, ExxonMobil Chemical Company, said, “Looking back 20 years, chemicals were our nation’s top export product. But as recently as five years ago, we were on the verge of becoming an importer. Now the industry is back on the path of competitively serving the growth markets of Asia and other parts of the world. This is a great story, but it’s just the beginning.”
He said, “ExxonMobil’s Energy Outlook indicates that the chemicals subsector of industrial energy demand will be the fastest-growing over the next 25 years, largely due to increased demand for plastics and other advanced products. Petrochemical processes turn affordable natural gas-based feedstock into lots of products that are used by people all around the world.”
During his presentation at the event convened by Carnegie Mellon University and the American Fuel & Petrochemical Manufacturers, Macklin said, “Given the feedstock advantage and the demand for our products, for the first time in a decade, producers in North America are talking about expansion in the form of debottlenecks and new grassroots stream crackers.”
ExxonMobil Chemical has filed permit applications for a petrochemical expansion at its Baytown Olefins Plant in Texas where it plans to add an ethane cracker. The company also plans to add premium polyethylene facilities at the nearby Mont Belvieu Plastics Plant. It will make a final investment decision following completion of these reviews and approvals.
If developed, it is estimated that the project would create about 10,000 construction jobs and add about 350 permanent jobs to the company’s workforce of 6,500 in the Baytown area. The proposed project would also have a multiplier effect and create an additional 3,800 jobs in local communities.
“The proposed investment reflects ExxonMobil’s confidence in the natural-gas driven revitalization of the U.S. chemical industry,” Macklin said. “The innovative application of technology to produce natural gas is enabling U.S. chemical manufacturers to once again invest in North America, create thousands of jobs and increase sales to domestic and global markets.”
About ExxonMobil Chemical
ExxonMobil Chemical is one of the world’s premier petrochemical companies with manufacturing, technology, and marketing operations around the world. The company delivers a broad portfolio of products and solutions efficiently and responsibly, with a commitment to create outstanding customer and shareholder value. ExxonMobil Chemical endorses the principles of sustainable development, including the need to balance economic growth, social development and environmental considerations.
To learn more, visit www.exxonmobilchemical.com.
- Investment & Company Information
Margaret Ross, 281-870-6607
Recommended for You
This is your last chance to take advantage of dozens of tax credits and deductions that are going away.CNBC
Deb McEneaney of Sag Harbor, N.Y., was jolted in November when her insurance company notified her that it was canceling a group health plan that had been tailor made for her and her husband and their family-run business. Her insurance broker assured her she had nothing to worry about when the…The Fiscal Times
MetLife Inc., the largest U.S. life insurer, said pending oversight from U.S. regulators poses the biggest challenge to meeting Chief Executive Officer Steve Kandarian’s 2016 return-on-equity goal.Bloomberg
It's no coincidence that the same qualities that make your company a great place to work can also help you grow your business. Think about it: A great company culture means that you know how to keep your employees happy and productive. And if you have happy and productive employees, they will not…Huffington Post
CNBC's Jane Wells reads the fine print of the Congressional Budget Office report and reveals the CBO broke the country into five tiers of wage earners. The top 20 percent pay nearly 93 percent of all income taxes, according to the report. At the same t...CNBC Videos
Google Inc (NSQ:GOOG) opened its first two data centres in Asia on Wednesday to cater to the world's fastest growing consumer technology markets, but the company has no plans to open one in China or India. Choosing Taiwan and Singapore instead illustrates the problem that tech companies face in…Reuters
Studio giant Warner Bros accused Hollywood producers Bob and Harvey Weinstein of "trying to rewrite history" on Wednesday by suing for a share of profits from the blockbuster "Hobbit" movies. The Weinstein brothers filed a lawsuit against New Line and Time Warner seeking $75 million in damages…AFP
Worries of sustained inflationary pressures in the economy also prompted investors to short the domestic currency, with the government due to announce November retail price inflation data and October factory output data after market hours. Asian shares stumbled to a 2-1/2 month low on Thursday on…Reuters
Dennis Gartman says his 40 years of trading experience give him a good reason to stay bullish.CNBC
By Dave Selden, 33 Books Co. When I started my company, 33books.com, I didn't know I was starting a company. I didn't really know how to start a company. That was something other people did; people I worked for. Let me back up a bit. In late 2009, I'd been a graphic designer for about 12 years,…Huffington Post
The most recent short interest data has been released by the NASDAQ for the 11/29/2013 settlement date, and we here at Dividend Channel like to sift through this fresh data and order the underlying components of the Dow Jones Industrial Average by "days to cover." There are a number of [...]Forbes
State insurance exchange leaders know virtually nothing about the 1,730 people who purchased health coverage available via Your Health Idaho through Nov. 30. Director Amy Dowd said Wednesday that Idaho's ...Associated Press48 mins ago
Air Canada announced it had placed a firm $6.5 billion order for 61 Boeing 737 MAX narrow-body aircraft, with options on 18 more planes and purchase rights for 30 others. Air Canada said the move would create "one of the world's youngest, most fuel-efficient and simplified airline fleets." "Our…AFP
The world's online poker giant is being locked out of New Jersey because of its ongoing ties to its indicted founder, Isai Scheinberg.Forbes
The "Squawk on the Street" news team discuss the financial sector, the budget deal and if now is the time to take your gains for the year.CNBC Videos
Brian Reynolds, chief market strategist at Rosenblatt Securities, explains why credit investors "don't care about tapering" and says he's "looking forward to tightening."CNBC
While the small-cap space probably offers better overall returns, large caps are not to be avoided, and if an investor is going to follow a large-cap stock picker, you could do worse than Warren Buffett....MarketWatch
When do resumes fall short? Every time we think they are enough to make a decision about who should fill a job. Say you're looking for a baker. How does the world's best baker put the smell of chocolate chip cookies, fresh from the oven, on a resume? Resumes, for all the work done on branding and…Huffington Post
Since the start of 2013, a net of $70.7 billion have been withdrawn from bond mutual funds. Are retail investors right?CNBC: Talking Numbers