After getting $500M in Texas tax breaks, Exxon cuts job creation forecast

Two years ago, ExxonMobil and its Saudi Arabian partner secured more than $500 million in tax incentives from Texas communities in which its huge petrochemical plant north Corpus Christi would be built. 

At the time, the companies said the petrochemical plant would create 11,000 construction jobs and 600 permanent jobs with an average annual salary of $90,000—an economic boost to a region that had a 7.7% unemployment rate at the time the project was proposed. But now, with Exxon preparing to break ground on the project, the Houston Chronicle reports the companies have cut the number of construction jobs the project will create by nearly half to 6,000. Also, the companies, in tax documents, are cutting its permanent job and salary forecasts—to 400 with an average annual salary of about $59,400. 

While the project remains eligible for the tax breaks, it’s possible that in Texas, like Louisiana, the companies could financial penalties for not hitting promised job targets.

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