Exxon Mobil Corp. (XOM) - Get Report said Wednesday, Oct. 18, that it has started production at the first of two new 650,000 tons-per-year, high-performance polyethylene lines at its plastics plant in Mont Belvieu, Texas.
The two new polyethylene lines are part of a multi-billion-dollar Exxon expansion in the Baytown area of Texas. The company said it's planning to invest more than $20 billion over 10 years to expand its presence in the Gulf region.
The Mont Belvieu plant will reach more than 2.5 million tons per year at capacity, which makes it one of the largest polyethylene plants in the world, Exxon said.
The rapid expansion comes just two months after Hurricane Harvey devastated Texas' Gulf Coast with unprecedent flooding that shuttered businesses across the state.
Exxon stock was down 0.33% to $82.68 in early afternoon trading Wednesday.
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