CEO Darren Woods said the expansion will help Exxon take advantage of its oil and natural gas production in the Permian Basin of Texas and New Mexico.

“Through the billions of dollars that we’re investing in the Permian Basin to increase oil production and the expansion at our operations along the Gulf Coast, our company is making significant, lasting contributions to the U.S. economy and the many communities where we operate,” Woods said in a statement.

The company believes global demand for chemicals will grow faster than demand for energy over the next 20 years.

Exxon also touted its overall contribution to the U.S. economy, citing a study it hired  Ernst & Young to conduct. EY’s research concluded that Exxon contributed more than $43 billion to the U.S. gross domestic product

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