created new sources of feedstock for US refining and chemical manufacturing, according to the company.
The operator said most of its planned new chemical capacity investment in the US Gulf Coast will be focused on
supplying export markets, such as Asia Pacific, with high-demand products, helping to increase existing US manufac-turing-export capacity and stimulate economic growth.
Recent changes in the US corporate tax rate also have created an environment for increased future capital investments
in these type of projects, which will help further strengthen
ExxonMobil’s competitiveness in global markets, the company added.
Chevron reports annual
earnings of $9.2 billion
Chevron Corp. reported earnings of $3.1 billion for fourth-quarter 2017 compared with $415 million in fourth-quarter
2016. Included in the quarter were noncash provisional tax
benefits of $2.02 billion related to US tax reform and a noncash charge of $190 million related to a former mining asset.
Foreign currency effects decreased earnings in the fourth
quarter by $96 million. Sales and other operating revenues
in fourth-quarter 2017 were $36 billion compared with $30
Downstream Technology Editor
ExxonMobil Chemical Co. has
reached mechanical completion of
its 1.5 million-tonne/year ethane
steam cracker at the company’s Baytown, Tex., complex (OGJ Online,
June 19, 2014).
With commissioning activities now under way, the new unit
is scheduled to begin commercial
production during the second quarter, the operator said.
Part of a previously announced
multibillion dollar expansion project in the Baytown area, the steam
cracker will provide feedstock for
two 650,000-tpy high-performance
polyethylene lines that began production in fall 2017 at ExxonMobil’s plastics plant in Mont Belvieu,
Tex. (OGJ Online, Oct. 18, 2017).
“With the completion of the project in Baytown, we are
on the verge of fully realizing one of ExxonMobil’s most significant US Gulf Coast investments,” said John Verity, president of ExxonMobil Chemical.
The new ethane cracker will enable the company to economically meet rapidly growing demand for high-performance polyethylene products around the world while continuing to sustain economic development and create jobs for
decades to come, according to Verity.
The Baytown-Mont Belvieu projects are part of ExxonMobil’s
10-year, $20-billion “Growing the Gulf” initiative, which
includes 11 major chemical, refining, lubricant, and LNG
projects along the Texas and Louisiana coasts to expand the
company’s existing manufacturing and export capacity.
Alongside the Baytown ethane cracker, ExxonMobil
Chemical and Saudi Arabian Basic Industries Corp. (SABIC)
also have proposed building a jointly owned petrochemical
complex in San Patricio County, Tex., that would include a
1.8 million-tpy ethane cracker which, if completed, would
become the largest-capacity ethane cracker built to date
(OGJ Online, Apr. 14, 2017).
ExxonMobil’s Growing the Gulf projects come amid massive new supplies of domestically produced US oil and natural gas, which have dramatically reduced energy costs and
ExxonMobil wraps construction on
Baytown ethane cracker
ExxonMobil has reached mechanical completion of its 1.5 million-tpy ethane steam
cracker at its Baytown, Tex., refinery. Photo from ExxonMobil.