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close video ExxonMobils TX refinery expansion brings much needed affordable energy, fuels US economy: Janet Matsushita

ExxonMobil Senior Vice President of Global Operations Janet Matsushita tells Fox News Digital that its biggest oil expansion in 10 years is operating safely and reliably at full capacity.

Near the Gulf Coast just east of Texas’ oil-rich Permian Basin, nearly 2,000 ExxonMobil contractors are making sure the company’s latest project – which includes 26 miles of piping, 35 miles of electrical wiring and 875 tons of steel – is pumping oil at full capacity.

After launching America’s largest oil refinery expansion in over a decade, ExxonMobil’s senior vice president of global operations detailed how the company’s Beaumont complex is not only fueling U.S. energy supply but also the economy.

"When you put it all together and you look at this particular location, what I love about it, it allows us to buy what I consider to be very much needed, affordable energy, and in a very reliable supply to fuel the economy that we have here in Texas, the U.S. and, I say, across the globe," Janet Matsushita told Fox News Digital.

After beginning construction in 2019, the Beaumont refinery startup broke ground just over one month ago and added 250,000 barrels per day to its oil output, increasing its total processing capacity to more than 630,000 barrels daily. To put things into perspective, this equates to a sizable 4 million gallons per day, providing enough fuel to power 61,000 long-haul trucks in a single day. 

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The project's reported hefty $2 billion price tag was no match for Exxon, who completed the expansion on time and on budget, earning the facility two consecutive Gold Energy Star acknowledgments from the Environmental Protection Agency (EPA), according to Matsushita. 

ExxonMobils Beaumont refinery expansion adds 250,000 barrels per day to the oil companys processing capacity. (Fox News)

"It is actually the equivalent of building a brand-new refinery. It is a big expansion, it is not a minor expansion," she said contently. "When we built this project, we actually leveraged some of the best energy technology available so that when we operate this new project itself, it is one of the most energy-efficient versus industry standard."

"And [what's] really nice to see, we're actually connected to the U.S. Permian crude," she continued, "which is right here in our Texas backyard, and that is also a very energy-efficient operation in terms of how we perform. And it has an aspiration to actually be net-zero by 2030."

Prior to opening, the Beaumont expansion went through rigorous performance testing for safety and reliability, the VP of global operations explained. After 5 million working-person hours, ExxonMobil has reported no mishaps or injuries on site. close video Exxon, Chevron to focus on oil projects in the Americas

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"I'm extremely pleased to say that the whole project right now is actually running at design capability, which really speaks to the quality not only of the project, but of the execution-operating team that we have here in Beaumont," Matsushita touted.

In addition to now being one of the largest oil refineries in America, the Beaumont expansion also works towards ExxonMobil’s mission of creating sustainable solutions that improve quality of life and meet society's evolving needs.

"In 2022 post the pandemic, there was a significant demand for affordable energy to fuel the whole economic growth that was there," she said. "ExxonMobil from a manufacturing perspective. We globally actually ran the most throughput that we have had since 2012. And here in the U.S., we actually hit our highest peak record production of 2.1 million barrels a day of capacity, which is something we feel good about."

ExxonMobil is boosting fuel supply in Beaumont, Texas, with Americas largest refinery expansion since 2021. (Fox News)

And if it wasn't for the technology and engineering teams utilizing "really brilliant" 3-D imaging to create virtual models, training and planning for the expansion would not have run as smoothly, she said. 

"We actually do move a lot of our best global teams and we implement that global best practice at each of the sites. And we actually brought that all together here in Beaumont to be able to make this project such a success," Matsushita said. "The 3-D models, it allowed us to actually expedite our construction, so we knew exactly in all three dimensions what it would look like, and to compare it, train it, be ready for it. And now we have that available to us as we go forward from a sustainable maintenance perspective."

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The expansion’s peak hiring number thus far has swelled to about 1,700 on-site employees. From a local point-of-view, Beaumont – which sits about 80 miles east of Houston – has seen a $500 million influx from the project.

"We look forward to fueling the economy here as we go forward," Matsushita told Fox News Digital. "We've added major chemical refining, lubricants and [liquefied petroleum gas] projects all across Texas and Louisiana, and I do believe directly and through the multiplier effects of our investments, all of our expansion projects, we expect to provide long-term economic benefits for the regions that we actually operate in, and we're very proud of our connectivity with our community."

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Technology

Here’s where Apple makes its products — and how Trump’s tariffs could have an impact

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Here's where Apple makes its products — and how Trump's tariffs could have an impact

Apple’s iPhone 16 at an Apple Store on Regent Street in London on Sept. 20, 2024.

Rasid Necati Aslim | Anadolu | Getty Images

Apple has made moves to diversify its supply chain beyond China to places like India and Vietnam, but tariffs announced by the White House are set to hit those countries too.

U.S. President Donald Trump laid out “reciprocal tariff” rates on more than 180 countries on Wednesday.

China will face a 34% tariff, but with the existing 20% rate, that brings the true tariff rate on Beijing under this Trump term to 54%, CNBC reported. India faces a 26% tariff, while Vietnam’s rate is 46%.

Apple was not immediately available for comment when contacted by CNBC.

Here’s a breakdown on Apple’s supply chain footprint that could be affected by tariffs.

China

The majority of Apple’s iPhones are still assembled in China by partner Foxconn.

China accounts for around 80% of Apple’s production capacity, according to estimates from Evercore ISI in a note last month.

Around 90% of iPhones are assembled in China, Evercore ISI said.

While the number of manufacturing sites in China dropped between Apple’s 2017 and 2020 fiscal year, it has since rebounded, Bernstein said in a note last month. Chinese suppliers account for around 40% of Apple’s total, Bernstein said.

Evercore ISI estimates that 55% of Apple’s Mac products and 80% of iPads are assembled in China.

India

Apple is targeting around 25% of all iPhones globally to be made in India, a government minister said in 2023.

India could reach about 15%-20% of overall iPhone production by the end of 2025, Bernstein analysts estimate. Evercore ISI said around 10% to 15% of iPhones are currently assembled in India.

Vietnam

Vietnam has emerged in the past few years as a popular manufacturing hub for consumer electronics. Apple has increased its production in Vietnam.

Around 20% of iPad production and 90% of Apple’s wearable product assembly like the Apple Watch takes place in Vietnam, according to Evercore ISI.

Other key countries

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Politics

Alabama, Minnesota lawmakers join US states pushing for Bitcoin reserves

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Alabama, Minnesota lawmakers join US states pushing for Bitcoin reserves

Alabama, Minnesota lawmakers join US states pushing for Bitcoin reserves

Lawmakers in the US states of Minnesota and Alabama filed companion bills to identical existing bills that if passed into law, would allow each state to buy Bitcoin.

The Minnesota Bitcoin Act, or HF 2946, was introduced to the state’s House by Republican Representative Bernie Perryman on April 1, following an identical bill introduced on March 17 by GOP state Senator Jeremy Miller.

Meanwhile, on the same day in Alabama, Republican state Senator Will Barfoot introduced Senate Bill 283, while a bi-partisan group of representatives led by Republican Mike Shaw filed the identical House Bill 482, which allows for the state to invest in crypto, but essentially limits it to Bitcoin (BTC).

Twin Alabama bills don’t explicitly name Bitcoin

Minnesota’s Bitcoin Act would allow the state’s investment board to invest state assets in Bitcoin and other cryptocurrencies and permit state employees to add crypto to retirement accounts.

It would also exempt crypto gains from state income taxes and give residents the option to pay state taxes and fees with Bitcoin.

Alabama, Minnesota lawmakers join US states pushing for Bitcoin reserves

Source: Bitcoin Laws

The twin Alabama bills don’t explicitly identify Bitcoin, but would limit the state’s crypto investment into assets that have a minimum market value of $750 billion, a criterion that only Bitcoin currently meets.

26 Bitcoin reserve bills now introduced in the US

Introducing identical bills is not uncommon in the US and is typically done to speed up the bicameral legislative process so laws can pass more quickly.

Bills to create a Bitcoin reserve have been introduced in 26 US states, with Arizona currently the closest to passing a law to make one, according to data from the bill tracking website Bitcoin Laws.

Alabama, Minnesota lawmakers join US states pushing for Bitcoin reserves

Arizona currently leads in the US state Bitcoin reserve race. Source: Bitcoin Laws

Pennsylvania was one of the first US states to introduce a Bitcoin reserve bill, in November 2024. However, the initiative was reportedly eventually rejected, with similar bills also killed in Montana, North Dakota, South Dakota and Wyoming.

Related: North Carolina bills would add crypto to state’s retirement system 

Law, Bitcoin Regulation, United States, Policy, Bitcoin Reserve

Montana, North Dakota, Pennsylvania, South Dakota and Wyoming are the five states thathave rejected Bitcoin reserve initiatives. Source: Bitcoin Laws

According to a March 3 report by Barron’s, “red states” like Montana have faced setbacks to the Bitcoin reserve initiatives amid political confrontations between the Democratic Party and the Republican Party.

Additional reporting by Helen Partz.

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Environment

Hyundai’s super-efficient Ioniq 6 updated with sportier look, ‘N’ model coming soon

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Hyundai's super-efficient Ioniq 6 updated with sportier look, 'N' model coming soon

Hyundai has unveiled the design refresh of its Ioniq 6 sedan, and announced that it will become a family of cars rather than a single model, with an N Line trim and upcoming N performance model, much like its sister car the Ioniq 5.

Hyundai has been doing great with its EVs lately, hitting sales records and getting great reviews.

Much of that focus has been on the Ioniq 5, an attractive crossover SUV with lots of capability at a good price – and a bonkers N performance version which has been breaking different kinds of records.

The Ioniq 6, conversely, hasn’t attracted quite as much attention, even though it has some records of its own (it’s the most efficient vehicle in the US… for under $70k).

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Between its admittedly odd looks – much more aerodynamic and rounded than the comparatively blocky 5 – and it fitting into the less-popular (but better) sedan form factor, it just hasn’t captured as much imagination as the 5.

It has also fallen somewhat behind. The Ioniq 5 got a big update this year, including a native NACS port, the first non-Tesla mass market vehicle to hit the road with one of these included (and it even charges faster than a Tesla does on home turf). The 6, however, is still sitting on its original design from when it first started production/shipping in 2022/23.

But that’s about to change, as Hyundai is giving the model some love with a design update and some hints at new things to come.

We’ve seen spy shots of these design updates before, but now Hyundai is showing them to everyone at the Seoul Mobility Show.

Hyundai showed two models today, the standard Ioniq 6 and the “N Line,” an upgraded trim level with some interior and exterior changes to look a little more sporty. Hyundai has used similar nomenclature for its other models, and that carries over here.

Both have a redesigned front end, making it look more aggressive than the prior bulbous and aerodynamic shape, and narrower headlights.

The N Line looks even more aggressive than the standard model, though, with an even more aggressive front and rear end.

Hyundai says that the redesign will also include interior enhancements for “a more comfortable, intuitive experience,” with a redesigned steering wheel, larger climate control display, upgraded materials and redesigned center console with more physical controls.

Beyond this, the refresh was light on details – intentionally, with a full unveil of specs and changes coming later. We can imagine a lot of the improvements on the 2025 Ioniq 5 will be carried over, such as a native NACS port for example, and potentially a slightly larger or faster-charging battery.

We had also previously heard hints that an N version (yes, “N” and “N Line” are different, no, we don’t know why they used these confusing names) of the Ioniq 6 is coming, and Hyundai reiterated those hints today – even giving us a glimpse of the car in the background of one of its shots.

Now THIS one looks quite aggressive, with a bigger double wing and potentially some changes to the diffuser (it’s hard to tell from the shot, as the N Line also has a modified diffuser).

The ioniq 5N has earned rave reviews from enthusiasts for its bonkers driving dynamics and comparatively reasonable price for a true performance vehicle. But it’s still an SUV format, and frankly, an SUV will never be a sportscar no matter how many horsepower you put into it (I will die on this hill).

The 6, however, with its sedan shape and footprint, could make for a much more compelling sports package once it’s all put together. So we’re very excited to see what Hyundai can do if they apply the same magic they put into the 5 into a new 6N. Looking forward to July.


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