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ExxonMobil Baytown Project To Feature Environmental Technology, Premium Products

Stocks in this article: XOM

State-of-the art environmental technology will enable ExxonMobil’s planned chemical expansion at Baytown to operate within existing Texas permitted emission limits, Steve Pryor, president of ExxonMobil Chemical Company, said in a speech today at the IHS World Petrochemical Conference.

“Reducing environmental impact has been an ongoing strategy at Baytown,” Pryor said. Over the past decade, the site has invested over $1.3 billion in environmental upgrades to improve air quality and achieve double-digit improvements in energy efficiency.

The plans include a new multi-billion dollar world-scale steam cracker and expansion of premium polyethylene production at ExxonMobil’s Baytown site, already the country’s largest integrated refining-chemical complex, Pryor noted. The facilities will produce premium polymers incorporating company advances that have reduced film thickness by two percent per year for the last 20 years, said Pryor.

He pointed out that the unique advantages of premium products, unmatched scale and integration with the company’s refining and natural gas businesses should sustain economic returns over the ups and downs of the business cycle.

The Greater Houston area would benefit from $870 million per year in increased economic activity, including an estimated 10,000 jobs at the peak of construction and 3,800 permanent jobs.

The Baytown project illustrates the company’s strategy for sustainability, benefiting customers, shareholders, the environment, and society, Pryor concluded.

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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.

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