Exxon Mobil Corp. plans to spend $50 billion in the United States over the next five years, an investment enabled by the recent sweeping changes to U.S. corporate tax law, the company said Monday.
Exxon said it will pour billions of dollars into the Permian Basin, a prolific oil field in West Texas and New Mexico, and it plans to build new manufacturing sites, improve its infrastructure and expand existing operations.
“This will create thousands of jobs, strengthen the U.S. economy and enhance energy security,” Exxon CEO Darren Woods said in a blog post on the company’s website.
Exxon’s investment comes after similar announcements by Apple and JPMorgan Chase & Co., which said they would invest billions in the United States after the U.S. corporate tax rate was lowered from 35 percent to 21 percent. It also comes on the heels of Exxon’s own plan to invest $20 billion over the next decade in projects along the Gulf Coast.
Wood said the company is “actively evaluating” how the lower corporate tax rate will impact “the economics of several other projects currently in the planning stages to further expand our facilities along the Gulf Coast.”
This article first appeared on the Houston Chronicle – an Energy Voice content partner. For more from the Houston Chronicle click here.