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Released March 19, 2018 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Exxon Mobil Corporation (NYSE:XOM) (ExxonMobil) (Irving, Texas) plans to double its chemical earnings by 2025 on the back of 13 new facilities across the globe, executives with the company said at a recent meeting with investment analysts.
Chemical earnings by the global hydrocarbons giant amounted to $4.5 billion in 2017, including $2.2 billion in U.S. earnings, according to the company's latest financial release. Industrial Info is tracking more than $13 billion in active ExxonMobil Chemical Processing projects.
Speaking to investment analysts on March 7, Chief Executive Officer Darren Woods said ExxonMobil is increasing its North American and Asia Pacific chemicals capacity by 40%. "Our plans also reflect 13 new facilities, including two new world-class steam crackers here in the U.S.," he said. For related information, see March 8, 2018, article - ExxonMobil Expects to Double Earnings by 2025 as it Pours More into Capex and March 15, 2018, article - ExxonMobil Outlines Gulf Coast Refining Expansions, Upgrades.
Senior Vice President Neil Chapman said ExxonMobil has the "largest capacity to take ethane on the Gulf Coast [and] convert it to ethylene, to polyethylene, get to get it into the growing market. You can see in 2017 already, we have more capacity than anyone else on the Gulf Coast."
ExxonMobil will fully start up its 1.5 million-ton-per-year ethane cracker in Baytown, Texas, by the middle of this year. Commissioning of the Baytown ethylene unit began in February. For more information, see Industrial Info's project report and February 7, 2017, article - ExxonMobil Commissions Ethylene Production Unit in Baytown, Texas.
Also, ExxonMobil plans to build what it says will be the world's largest steam cracker with its joint venture partner, Saudi Basic Industries Corporation (SABIC) (Riyadh, Saudi Arabia), in Portland, Texas, near Corpus Christi. A financial investment decision is expected to be reached on the joint venture project later this year. For more information, see Industrial Info's project report.
The facilities will benefit from low-cost feedstock from the Permian Basin in West Texas, Chapman said. A financial investment decision is expected to be reached on the joint venture project later this year.
Polyethylene and differentiated polyethylene represent about half of ExxonMobil's projected chemical sales growth, Williams said. The new Baytown ethylene unit will feed two polyethylene units, a linear low-density polyethylene (LLDPE) unit and a high-density polyethylene (HDPE) unit, both in Mont Belvieu, Texas, which ExxonMobil completed last fall. The units have a combined production capacity of 2.6 billion pounds per year.
The joint venture with SABIC includes a LLDPE unit addition. Also, ExxonMobil is constructing a polyethylene unit addition at its complex in Beaumont, Texas. For more information, see industrial Info's project reports on the Portland joint-venture linear low density polyethylene unit and the Beaumont polyethylene unit addition.
Williams noted that ExxonMobil has 20 chemical manufacturing sites in North America, Europe, the Middle East and Asia, and sells its products in 140 countries.
"This enables us to have access to the most advantage feedstock and then sell our products in the markets where the demand is highest," Williams continued. "Obviously, the most advantaged feedstock today is ethane on the U.S. Gulf Coast. Where that's going to be tomorrow, 10 years from now, don't know. But with this global reach, we'll be able to leverage that."
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
Chemical earnings by the global hydrocarbons giant amounted to $4.5 billion in 2017, including $2.2 billion in U.S. earnings, according to the company's latest financial release. Industrial Info is tracking more than $13 billion in active ExxonMobil Chemical Processing projects.
Speaking to investment analysts on March 7, Chief Executive Officer Darren Woods said ExxonMobil is increasing its North American and Asia Pacific chemicals capacity by 40%. "Our plans also reflect 13 new facilities, including two new world-class steam crackers here in the U.S.," he said. For related information, see March 8, 2018, article - ExxonMobil Expects to Double Earnings by 2025 as it Pours More into Capex and March 15, 2018, article - ExxonMobil Outlines Gulf Coast Refining Expansions, Upgrades.
Senior Vice President Neil Chapman said ExxonMobil has the "largest capacity to take ethane on the Gulf Coast [and] convert it to ethylene, to polyethylene, get to get it into the growing market. You can see in 2017 already, we have more capacity than anyone else on the Gulf Coast."
ExxonMobil will fully start up its 1.5 million-ton-per-year ethane cracker in Baytown, Texas, by the middle of this year. Commissioning of the Baytown ethylene unit began in February. For more information, see Industrial Info's project report and February 7, 2017, article - ExxonMobil Commissions Ethylene Production Unit in Baytown, Texas.
Also, ExxonMobil plans to build what it says will be the world's largest steam cracker with its joint venture partner, Saudi Basic Industries Corporation (SABIC) (Riyadh, Saudi Arabia), in Portland, Texas, near Corpus Christi. A financial investment decision is expected to be reached on the joint venture project later this year. For more information, see Industrial Info's project report.
The facilities will benefit from low-cost feedstock from the Permian Basin in West Texas, Chapman said. A financial investment decision is expected to be reached on the joint venture project later this year.
Polyethylene and differentiated polyethylene represent about half of ExxonMobil's projected chemical sales growth, Williams said. The new Baytown ethylene unit will feed two polyethylene units, a linear low-density polyethylene (LLDPE) unit and a high-density polyethylene (HDPE) unit, both in Mont Belvieu, Texas, which ExxonMobil completed last fall. The units have a combined production capacity of 2.6 billion pounds per year.
The joint venture with SABIC includes a LLDPE unit addition. Also, ExxonMobil is constructing a polyethylene unit addition at its complex in Beaumont, Texas. For more information, see industrial Info's project reports on the Portland joint-venture linear low density polyethylene unit and the Beaumont polyethylene unit addition.
Williams noted that ExxonMobil has 20 chemical manufacturing sites in North America, Europe, the Middle East and Asia, and sells its products in 140 countries.
"This enables us to have access to the most advantage feedstock and then sell our products in the markets where the demand is highest," Williams continued. "Obviously, the most advantaged feedstock today is ethane on the U.S. Gulf Coast. Where that's going to be tomorrow, 10 years from now, don't know. But with this global reach, we'll be able to leverage that."
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
