Trump Praise for Exxon Follows Meeting With Tillerson, Ex-CEO

By Rebecca Ballhaus 

When President Donald Trump has singled out companies for praise or criticism in the past, it has often raised the question: Why those?

That was less so the case on Monday.

The White House at 3:43 p.m. issued an official statement congratulating Exxon Mobil Corp. on its plan to invest $20 billion expanding its manufacturing capabilities along the Gulf Coast. "This is a true American success story," Mr. Trump said in a statement that closely echoed Exxon's own press release, issued half an hour earlier.

The White House statement quoted Exxon CEO Darren Woods and cited the press release's figure that the jobs created by the new investment would pay an average salary of $100,000. It also lifted one paragraph on the program's background nearly word-for-word.

Less than four hours later, Mr. Trump followed up with some more praise for the oil giant -- this time in video form. Calling Exxon a "great company," he said the new investment was "something that was done to a large extent because of our policies."

In fact, the company's "Growing the Gulf" program includes investments that started in 2013, mirroring a growing pattern among companies who fear the president's Twitter account of trumpeting investment programs already underway.

What could have spurred the president's burst of enthusiasm for Exxon? One possibility: an Oval Office meeting he held two hours before issuing the statement with the company's former CEO -- Secretary of State Rex Tillerson.

Mr. Tillerson stepped down as chief executive of the company on Jan. 1, taking with him a $180 million retirement package.

Mr. Trump's decision to tap the former Exxon CEO as his secretary of state at the time raised questions about whether the oil company -- which already spends millions lobbying the federal government -- would see a heightened influence in Washington as a result. One particular area of concern: the company's history of lobbying the government on sanctions on Russia, which the company has said hurt its business interests.

Mr. Tillerson in his confirmation hearing argued that neither he nor his former company ever lobbied against U.S. sanctions on Russia or Iran, though his company and its outside consultants have filed more than 30 lobbying disclosure reports, listing sanctions issues in Iran, Russia and Libya as among its issues.

A White House spokeswoman, asked whether Mr. Trump's praise of Exxon suggested that he was trying to reward his secretary of state's former company, responded: "Actually it's the other way around. Exxon is giving America a boost by heavily investing in creating good paying jobs right here at home."

The spokeswoman, Sarah Huckabee Sanders, added: "It's no secret job creation is a top priority of the President, and when companies make this type of commitment the administration will recognize their efforts."

Indeed, Exxon is not the only company whose investment plans have elicited praise from the president. Intel CEO Brian Krzanich unveiled a planned $7 billion investment at the White House last month, prompting Mr. Trump to tweet him a "thank you."

Exxon also donated $500,000 to Mr. Trump's inauguration fund in December, less than a week after he officially named Mr. Tillerson as his pick to head the State Department. In 2013, the company gave half that amount to former President Barack Obama's inauguration fund.

Yet even $250,000 was enough to draw Mr. Trump's scorn in 2013. "Exxon donated $250g to Obama's inaugural," he tweeted that January. "I guess the Democrats have no problem accepting money from 'big oil.'"

--Felicia Schwartz contributed to this article.

Write to Rebecca Ballhaus at [e-mail]

(END) Dow Jones Newswires

March 06, 2017 22:10 ET (03:10 GMT)

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