JamesPolkRight
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Exxon Mobil to invest $50 billion in US over 5 years, citing tax reform
www.cnbc.com
Exxon Mobil, the world's largest publicly traded oil company, on Monday said it plans to invest $50 billion in the United States over the next five years.
Darren Woods, chairman and CEO of Exxon, said in a blog post that the investment is partly due to recently passed corporate tax cuts. The announcement puts Exxon on the board with a number of other companies that have announced employee bonuses and investments following President Donald Trump and GOP lawmakers' tax overhaul.
"These investments are underpinned by the unique strengths of our company and enhanced by the historic tax reform recently signed into law," Woods said in the blog post.
"These positive developments will mean more jobs and economic expansion across the United States in a myriad of industries."
As part of the investment, Exxon plans to increase production in the Permian basin, a shale oil region in western Texas and eastern New Mexico where the low cost of production has attracted drillers. Exxon said it will expand its operations, make improvements to infrastructure and construct manufacturing sites, activities that it expects will generate thousands of new jobs
www.cnbc.com
Exxon Mobil, the world's largest publicly traded oil company, on Monday said it plans to invest $50 billion in the United States over the next five years.
Darren Woods, chairman and CEO of Exxon, said in a blog post that the investment is partly due to recently passed corporate tax cuts. The announcement puts Exxon on the board with a number of other companies that have announced employee bonuses and investments following President Donald Trump and GOP lawmakers' tax overhaul.
"These investments are underpinned by the unique strengths of our company and enhanced by the historic tax reform recently signed into law," Woods said in the blog post.
"These positive developments will mean more jobs and economic expansion across the United States in a myriad of industries."
As part of the investment, Exxon plans to increase production in the Permian basin, a shale oil region in western Texas and eastern New Mexico where the low cost of production has attracted drillers. Exxon said it will expand its operations, make improvements to infrastructure and construct manufacturing sites, activities that it expects will generate thousands of new jobs