This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

U.S. Petrochemical Production, Exports To Expand, Says ExxonMobil Chemical President

New investment -- including a world-scale ethylene steam cracker proposed by ExxonMobil -- is expanding the U.S. petrochemical industry’s position as a global producer, Steve Pryor, president of ExxonMobil Chemical Company, said in a speech at the IHS CERAWeek 2013 conference today.

“For the first time in more than a decade, major capacity additions have been announced that convert ethane, a natural gas liquid, to ethylene, the largest petrochemical building block,” Pryor said. He estimated the announced additions are equivalent to six to eight new world-scale steam crackers.

“While all announced projects may not materialize, the U.S. industry is clearly poised to expand its position as a leading petrochemical producer. With 85 percent of global demand growth projected to occur in emerging markets, this is great news for U.S. exports,” Pryor said.

“ExxonMobil, as the largest U.S. chemical manufacturer and natural gas producer, is developing a unique project that builds on our proven integration model,” Pryor said. “It will be sustained over the ups and downs of the business cycle by advantages in integration, scale and premium products.”

ExxonMobil Chemical has filed permit applications for a multibillion-dollar expansion at its Baytown, Texas, site, already the country’s largest integrated refining-chemical producing site. The project will convert ethylene from a new world-scale steam cracker to premium polyethylene products to serve growing markets around the world. Feedstock and energy supplies will be coordinated with ExxonMobil’s upstream business.

“The project will be a win-win for ExxonMobil and Texas, a pro-business state which has attracted more ExxonMobil investment than anywhere in the country, and where we are the state’s largest taxpayer,” Pryor said.

The benefits for the Greater Houston area are significant and will grow if the project receives the necessary permits and proceeds to the construction phase. Pryor estimated that the project would provide 10,000 jobs at the peak of construction. The proposed project would also have a multiplier effect and create an additional 3,800 other jobs in the area and increase regional economic activity by $870 million per year, he added.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,563.30 -317.06 -1.88%
S&P 500 1,930.67 -39.40 -2.00%
NASDAQ 4,369.7730 -93.1290 -2.09%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs