Trump Cheers Exxon Plan to Spend $20B on Gulf Coast Projects - NBC4 Washington
President Donald Trump

President Donald Trump

The latest news on President Donald Trump's presidency

Trump Cheers Exxon Plan to Spend $20B on Gulf Coast Projects

A paragraph from the White House-issued press release about President Trump congratulating Exxon is nearly identical to one from the company's own press release

    processing...

    NEWSLETTERS

    Empowering Students with Technology
    Getty Images (File)
    FILE - An Exxon gas station sign.

    President Donald Trump and Exxon Mobil Corp. exchanged praise for each other on Monday as the company announced plans to create thousands of jobs by spending $20 billion over 10 years on plants along the Gulf Coast.

    Exxon's plan started long before Trump entered the White House, however. It includes investments that began in 2013.

    Exxon said Monday the work would create 12,000 permanent jobs — the energy giant currently has about 71,000 employees — and 35,000 construction jobs.

    Exxon announced its plan in a news release in which CEO Darren Woods was quoted as saying that such big investments "require a pro-growth approach and a stable regulatory environment and we appreciate the President's commitment to both." 

    Mattis Responds to Trump With Bones Spurs Burn

    [NATL] Mattis Responds to Trump With Bones Spurs Burn

    Former Secretary of Defense James Mattis took the stage at the annual Alfred E. Smith dinner in New York City to crack-wise after President Donald Trump called him an "overrated general".

    (Published Friday, Oct. 18, 2019)

    A few minutes later, the White House issued its own release about Trump congratulating Exxon. One paragraph in the White House release is nearly identical to a passage in Exxon's.

    The president followed up on Twitter, saying that "Buy American & hire American are the principals at the core of my agenda," although he apparently meant that those are among his principles.

    In his third tweet on Exxon, Trump wrote, "45,000 construction & manufacturing jobs in the U.S. Gulf Coast region. $20 billion investment. We are already winning again, America!" 

    In December, Trump plucked Exxon's then-CEO, Rex Tillerson, to be his secretary of state. Tillerson and Trump met Monday shortly before the Exxon and White House press releases. 

    Woods, the new chairman and CEO, said Monday that Exxon would expand at several current plants and build a new one to create petroleum products for export.

    Woods said the investment plan responds to the rising supply of natural gas. There has been a boom in production created by techniques such as fracking, or hydraulic fracturing, in shale formations like the Permian Basin of Texas and New Mexico.

    Pence Announces Cease-Fire in Syria

    [NATL] Pence Announces Cease-Fire in Syria

    Vice President Mike Pence announced a negotiated temporary cease-fire in Syria. The agreement comes after a weeklong invasion by Turkey into the region against Kurdish allies of the U.S. military. 

    (Published Thursday, Oct. 17, 2019)

    Exxon recently agreed to buy rights to about 250,000 more acres, doubling its presence in the Permian at a cost of up to $6.6 billion — a huge bet on the hottest oil and gas field in the country.

    Woods said hydraulic fracturing has "opened up a whole new energy future for the United States ... (that) is turning the U.S. from energy importer to energy exporter."

    Exxon announced the spending plan at a major energy-industry conference in Houston that draws executives and oil ministers from around the world.

    The company said it plans 10 expansion projects at refineries and chemical and liquefied natural gas plants around Beaumont and Baytown, Texas, and Baton Rouge, Louisiana. It also wants to build a new chemicals plant at a location yet to be determined along the Gulf.

    The sum of $20 billion would be roughly equal to Exxon's total capital spending last year. The company announced last week that it plans to increase overall investments to an average of $25 billion a year from 2018 to 2020.

    Shares of the Irving, Texas-based company rose 37 cents to close at $82.83. They have lost about 8 percent so far this year.

    Rep. Elijah Cummings, House Oversight Chairman, Dies at 68

    [NATL] Rep. Elijah Cummings, House Oversight Chairman, Dies at 68

    Rep. Elijah Cummings, the chairman of the powerful House Oversight Committee, has died at 68, according to his office. A Maryland congressman since 1996, Cummings  was the first black House speaker pro tem and a frequent, outspoken critic of President Donald Trump during his tenure as a lawmaker.

    (Published Thursday, Oct. 17, 2019)