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


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.
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.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Jeva Lange was the executive editor at TheWeek.com. She formerly served as The Week's deputy editor and culture critic. She is also a contributor to Screen Slate, and her writing has appeared in The New York Daily News, The Awl, Vice, and Gothamist, among other publications. Jeva lives in New York City. Follow her on Twitter.
-
Kaja Kallas: the EU's new chief diplomat shaping the future of European defense
In the Spotlight Former Estonian Prime Minister's status as an uncompromising Russia hawk has gone from liability to strength
By David Faris Published
-
7 ways to drink spectacularly across the United States this spring
The Week Recommends A bar for every springtime occasion
By Scott Hocker, The Week US Published
-
Test flight of orbital rocket from Europe explodes
Speed Read Isar Aerospace conducted the first test flight of the Spectrum orbital rocket, which crashed after takeoff
By Peter Weber, The Week US Published
-
Tesla Cybertrucks recalled over dislodging panels
Speed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off
By Justin Klawans, The Week US Published
-
Crafting emporium Joann is going out of business
Speed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
By Peter Weber, The Week US Published
-
Trump's China tariffs start after Canada, Mexico pauses
Speed Read The president paused his tariffs on America's closest neighbors after speaking to their leaders, but his import tax on Chinese goods has taken effect
By Peter Weber, The Week US Published
-
Chinese AI chatbot's rise slams US tech stocks
Speed Read The sudden popularity of a new AI chatbot from Chinese startup DeepSeek has sent U.S. tech stocks tumbling
By Peter Weber, The Week US Published
-
US port strike averted with tentative labor deal
Speed Read The strike could have shut down major ports from Texas to Maine
By Peter Weber, The Week US Published
-
Biden expected to block Japanese bid for US Steel
Speed Read The president is blocking the $14 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing national security concerns
By Peter Weber, The Week US Published
-
Judges block $25B Kroger-Albertsons merger
Speed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
By Peter Weber, The Week US Published
-
Rupert Murdoch loses 'Succession' court battle
Speed Read Murdoch wanted to give full control of his empire to son Lachlan, ensuring Fox News' right-wing editorial slant
By Peter Weber, The Week US Published