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What would the impact be if Exxon shut down refineries in the US?
Posted on 1/27/21 at 11:07 am
Posted on 1/27/21 at 11:07 am
The company is trying to reduce its workforce worldwide, but hasn't made any specific announcements about operations in Louisiana. Houston seems to be taking the bulk of the hit.
Currently, Exxon is Louisiana's largest manufacturing employer by a wide margin. The Baton Rouge refinery employs 1900 people by itself, not including the many contractors and ancillary workers that help keep the 112 year old refinery in operation. Up to 1 of every 8 jobs in Baton Rouge is related to the refinery.
Would Louisiana recover from a major economic hit like that?
Currently, Exxon is Louisiana's largest manufacturing employer by a wide margin. The Baton Rouge refinery employs 1900 people by itself, not including the many contractors and ancillary workers that help keep the 112 year old refinery in operation. Up to 1 of every 8 jobs in Baton Rouge is related to the refinery.
Would Louisiana recover from a major economic hit like that?
18
Posted on 1/27/21 at 11:08 am to goofball
Louisiana would "recover". Not sure about BR.
Posted on 1/27/21 at 11:09 am to goofball
quote:
Would Louisiana recover from a major economic hit like that?
Just give them a government job
Posted on 1/27/21 at 11:09 am to goofball
We’d be the ones going over the wall
Posted on 1/27/21 at 11:11 am to goofball
With all those $15/hr minimum wage jobs to fall back on? Everything would be fine.
Posted on 1/27/21 at 11:12 am to The Boat
If Exxon divested from Deer Park and Baton Rouge, they'd likely try to sell the facilities. An outright closure like what happened to Shell in Convent would be devastating to both areas. It would really screw up Joliet, IL too.
It's very important that Baton Rouge support Exxon's investment into the refinery. The day may come where a decision will have to be made to shut it Baton Rouge vs another refinery.
It's very important that Baton Rouge support Exxon's investment into the refinery. The day may come where a decision will have to be made to shut it Baton Rouge vs another refinery.
Posted on 1/27/21 at 11:14 am to goofball
Exxon in BR just applied for tax exemptions to update the plant here over the next 10 years. i think we are ok for the foreseeable future at least
Posted on 1/27/21 at 11:15 am to The Boat
quote:
We’d be the ones going over the wall
Posted on 1/27/21 at 11:29 am to Lord_Ford
quote:
Exxon in BR just applied for tax exemptions to update the plant here over the next 10 years. i think we are ok for the foreseeable future at least
Hopefully they get it.
Posted on 1/27/21 at 11:34 am to pioneerbasketball
Exxon Mobil Corp pledged to reduce greenhouse-gas emissions from its operations over the next five years and eliminate routine flaring of methane by 2030, responding to pressure from activists and investors to lower its carbon footprint.
The Texas-based oil giant said Monday that it would cut the “intensity” of emissions from its oil-and-gas production by 15% to 20% by 2025.
The company also said it would end routine flaring, or burning, of methane from its oil-and-gas operations in the next 10 years.
Exxon said Monday that it would reduce its methane emissions intensity by 40% to 50% and cut its flaring intensity by 35% to 45% by 2025. The company said those targets are consistent with the Paris climate accord from which President Trump withdrew the U.S. that Exxon says it supports.
Business Insider: S&P Warns Exxon it may cut its credit ratings due to their push for zero-carbon. Announced today 1 27 2021
S&P Global Ratings has put some of the biggest oil companies in the world on notice that it could soon downgrade their credit ratings thanks to heightened concerns about climate change and a global push towards greener energy.
The agency - one of the three most influential ratings firms in the world - said it could downgrade the ratings of Chevron, Exxon, Shell and Total among others.
It downgraded the outlook, although not the rating, for both BP and Canadian firm Suncor Energy to "negative". This means S&P could cut their ratings in the future, although a change is not necessarily imminent.
Credit ratings are very important to big firms, as they heavily influence the costs they face when they borrow in financial markets.
The Texas-based oil giant said Monday that it would cut the “intensity” of emissions from its oil-and-gas production by 15% to 20% by 2025.
The company also said it would end routine flaring, or burning, of methane from its oil-and-gas operations in the next 10 years.
Exxon said Monday that it would reduce its methane emissions intensity by 40% to 50% and cut its flaring intensity by 35% to 45% by 2025. The company said those targets are consistent with the Paris climate accord from which President Trump withdrew the U.S. that Exxon says it supports.
Business Insider: S&P Warns Exxon it may cut its credit ratings due to their push for zero-carbon. Announced today 1 27 2021
S&P Global Ratings has put some of the biggest oil companies in the world on notice that it could soon downgrade their credit ratings thanks to heightened concerns about climate change and a global push towards greener energy.
The agency - one of the three most influential ratings firms in the world - said it could downgrade the ratings of Chevron, Exxon, Shell and Total among others.
It downgraded the outlook, although not the rating, for both BP and Canadian firm Suncor Energy to "negative". This means S&P could cut their ratings in the future, although a change is not necessarily imminent.
Credit ratings are very important to big firms, as they heavily influence the costs they face when they borrow in financial markets.
This post was edited on 1/27/21 at 11:35 am
Posted on 1/27/21 at 11:35 am to MrLSU
Isn’t “flaring” for safety?
Posted on 1/27/21 at 11:35 am to goofball
Lol Exxon isn’t going to shutdown it’s refineries in the US
Posted on 1/27/21 at 11:38 am to 225Tyga
quote:
Lol Exxon isn’t going to shutdown it’s refineries in the US
I could see them shuttering some and selling off others. Not full scale shut downs, but there will def be some pain
Posted on 1/27/21 at 11:38 am to 225Tyga
No they are not. But the glut of oil we have stored up is a major factor in producing more oil..... it’s amazing that even with this pandemic we still use the amount of oil this country uses on a daily basis and we still have a huge surplus.......
Posted on 1/27/21 at 11:39 am to goofball
Baton Rouge and the surrounding area would collapse like a house of cards in a gale.
Posted on 1/27/21 at 11:39 am to 225Tyga
quote:
Lol Exxon isn’t going to shutdown it’s refineries in the US
I could see them shedding them in the future.
Posted on 1/27/21 at 11:46 am to goofball
The writing on the wall in regard to petroleum has been there for years. Thats why the Middle Eastern countries have been trying to diversify as quickly as possible. Despite the looming switch to clean energy, Texas seems to have successfully diversified its economy. I’m not so sure about Louisiana.
Posted on 1/27/21 at 11:49 am to Celery
Louisiana does not have the capability to fix its economy without Exxon and the companies along the river south of BR......
Posted on 1/27/21 at 11:50 am to goofball
The Advocate should sponsor an economic simulation of Exxon closing the refinery in BR.
Together BR could simulate a replacement industry of beads, hemp products, and neighborhood gardens.
Together BR could simulate a replacement industry of beads, hemp products, and neighborhood gardens.
Posted on 1/27/21 at 11:52 am to Celery
quote:Texas has always been home to many major companies' headquarters. Because Texas usually has a competent governor who loves his/her state.
Texas seems to have successfully diversified its economy.
Meanwhile, Louisiana keeps electing governors who are crooks and love themselves.
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