ExxonMobil plans to invest $50 billion in America in the next 5 years, thanks to the tax plan

ExxonMobil and American flag.
(Image credit: Eric Thayer/Getty Images)

ExxonMobil announced Monday that it plans to invest $50 billion in the United States in the next five years, citing President Trump's tax plan, CNBC reports. "[W]e will be investing billions of dollars to increase oil production in the Permian Basin in West Texas and New Mexico, expand existing operations, improve infrastructure, and build new manufacturing sites," wrote CEO Darren Woods in a statement. "This will create thousands of jobs, strengthen the U.S. economy, and enhance energy security."

Exxon's announcement is the latest in a slew of them, stemming from the approval of the tax legislation last year. Apple announced earlier this month that it will bring back "the vast majority of the $252 billion in cash that it held abroad and said it would make a sizable investment in the United States," The New York Times reports. Other companies, including Comcast and Boeing, announced bonuses for employees after the legislation passed.

"The recent changes to the U.S. corporate tax rate coupled with smarter regulation create an environment for future capital investments and will further enhance ExxonMobil's competitiveness around the world," added Woods. "We're actively evaluating the impact of the lower tax rate on the economics of several other projects currently in the planning stages to further expand our facilities along the Gulf Coast."

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.


Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up

It is unclear from the announcement if "the $50 billion included a $20 billion investment in Gulf Coast manufacturing over a 10-year period, which Exxon announced in March," CNBC notes.

To continue reading this article...
Continue reading this article and get limited website access each month.
Get unlimited website access, exclusive newsletters plus much more.
Cancel or pause at any time.
Already a subscriber to The Week?
Not sure which email you used for your subscription? Contact us