In a recent Energy Factor blog post, ExxonMobil’s Chairman and CEO announced that the oil and gas multinational will be committing over $50bn to the US over the course of the next five years in the aim of expanding its regional business.
The announcement has come following the introduction of reduced corporate tax rates within the US, with the government having hoped for such investments off the back of these reforms.
“As you have probably seen, 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,” said Darren Woods. “These positive developments will mean more jobs and economic expansion across the United States in a myriad of industries.”
As a result, Woods states that the company will look to increase its production capacity through investments into its facilities in the Permian Basin in West Texas and New Mexico, in addition to the improvement, expansion and creation of both new and existing plants.
“The recent changes to the US corporate tax rate coupled with smarter regulation create an environment for future capital investments and will further enhance ExxonMobil’s competitiveness around the world,” Woods concludes.
The $50bn adds to ExxonMobil’s existing strategy in the Gulf Coast where the company is currently investing billions of dollars into its oil and gas operations.