Exxon Mobil Corp. XOM, -4.59% said Wednesday is has boosted production of the raw materials needed to make medical face masks, hand santizers and gowns, to help combat shortages of personal protective equipment (PPE) as a result of the COVID-19 pandemic. The oil exploration and production giant said it has increased its capability to make specialized polypropylene by about 1,000 tons a month, which is enough to enable production of up to 200 million medical masks or 20 million gowns. The company said it has also increased production of isopropyl alcohol (rubbing alcohol) by 3,000 tons, which is enough to make up to 50 million 4-ounce bottles of medical-grade hand sanitizer. The additional polypropylene will be made at its sites in Baytown, Texas; Baton Rouge, Louisiana; and Singapore, while production of rubbing alcohol is being maximized at its Baton Rouge site. The stock dropped 3.8% in premarket trading. It has tumbled 38.6% over the past three months, while crude oil futures CL00, +1.15% have dropped 66.2% and the Dow Jones Industrial Average DJIA, -1.86% has shed 17.5%.

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Exxon Mobil to boost production of chemical, rubbing alcohol needed to make masks, gowns and sanitizer - MarketWatch