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Stock to watch: Exxon Mobil Corporation (NYSE: XOM)

Stock to watch: Exxon Mobil Corporation (NYSE: XOM)

Projects planned or under way are expected to create more than 35,000 construction jobs and more than 12,000 full-time jobs. The White House said the exact same thing, as it plagiarized ExxonMobil's statement. The company's Growing the Gulf program consists of 11 major chemical, refining, lubricant and liquefied natural gas projects at proposed new and existing facilities along the Texas and Louisiana coasts. The leading integrated energy company is planning to invest as much as $20 billion on refining projects through 2022, which makes it attractive for investors in the long run. "Investments of this scale require a pro-growth approach and a stable regulatory environment and we appreciate the President's commitment to both", said Woods in a speech in Houston Monday, according to the White House document.

Woods believes that the company's Gulf expansion projects will provide economic benefits to the region.

Throughout his presidential campaign, Trump railed against trade deals that he said took jobs away from American workers, vowing to bring manufacturing jobs back to he United States. Trump called Exxon a true success story of America and praised its business plans. 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.

"Exxon Mobil is building a manufacturing powerhouse along the U.S. Gulf Coast", Woods said. The U.S. Gulf Coast project will continue through at least 2022, and will involve major refining, lubricant, chemical and liquefied natural gas projects in existing sites and the 11 sites. It includes investments that were started in 2013.




White House spokesperson Sean Spicer commented, saying Exxon made it clear to President Trump that these investments are being made in the United States due to his rhetoric on tax cuts and reduced regulation.

While looking at the Stock's Performance, Exxon Mobil Corporation now shows a Weekly Performance of 1.7%, where Monthly Performance is 0.33%, Quarterly performance is -4.68%, 6 Months performance is -3.66% and yearly performance percentage is 3.61%.

"The United States is a leading producer of oil and natural gas, which is incentivizing US manufacturing to invest and grow", Woods said. "Those overseas markets are the motivation behind our investments", Woods said in the transcript. "The supply is here, the demand is there, and we want to keep connecting those dots".

"The only problem? Monday's announcement just gave a name to a series of investments the company began making as far back as 2013, before the collapse in oil prices", Bloomberg wrote in a report. In his company's release, he's quoted as saying: "And these jobs will have a multiplier effect, creating many more jobs in the communities that service these new investments".

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