Pryor said, “Just five years ago, American chemical production was in steady decline due largely to the rising price of natural gas. The U.S. was on the verge of becoming a net chemical importer. Growing supplies of shale gas and gas liquids have changed all that. North American chemical manufacturers now have a major cost advantage over competitors around the world that rely on more expensive, oil-based feedstocks. This has boosted profitability and enabled the industry to regain its position as America’s largest exporter.”Statements relating to future plans, projections, events or conditions are forward-looking statements. Actual results, including project plans, costs, timing, capacities, and economic impacts, could differ materially due to factors including: changes in oil or gas prices or other market or economic conditions affecting the oil, gas and petrochemical industries, including the scope and duration of economic recessions; changes in law or government regulation, including tax and environmental requirements; the outcome of commercial negotiations; changes in technical or operating conditions; and other factors discussed under the heading "Factors Affecting Future Results" in the “Investors” section of our website and in Item 1A of ExxonMobil's 2012 Form 10-K. We assume no duty to update these statements as of any future date. The term “project” as used in this release does not necessarily have the same meaning as under SEC Rule 13q-1 relating to government payment reporting.
U.S. Petrochemical Production, Exports To Expand, Says ExxonMobil Chemical President
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