After Trump tax cuts, ExxonMobil to invest $50 billion in U.S. business
One of the world’s leading oil companies said Monday it will make new investments in the U.S. worth tens of billions of dollars as a result of the recent tax reform bill championed by President Trump and congressional Republicans.
In a blog post on his company’s website, ExxonMobil CEO Darren Woods said his firm will put $50 billion into existing and new American operations, hiring new workers and expanding output in Texas, New Mexico, and elsewhere.
“These investments are underpinned by the unique strengths of our company and enhanced by the historic tax reform recently signed into law,” he said. “Several companies have announced plans to invest here at home, partly as a result of tax reform, which among other things reduced one of the highest corporate tax rates in the developed world. These positive developments will mean more jobs and economic expansion across the United States in a myriad of industries.”
ExxonMobil’s announcement comes on the heels of moves by Apple, Walmart, and other major companies to either invest more money in America or give workers bonuses as a result of the tax legislation.
Mr. Woods said the company could make further investments in the near future.
“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,” he said. “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.”