Exxon Mobil (NYSE: XOM) the world's largest publicly traded oil company, on Monday said it plans to invest $50 billion in the United States over the next five years.
CEO Darren Woods said in a blog post that the investment is partly due to recently passed corporate tax cuts. The announcement puts Exxon on the board with a number of other companies that have announced employee bonuses and investments following President Donald Trump and GOP lawmakers' tax overhaul.
"These investments are underpinned by the unique strengths of our company and enhanced by the historic tax reform recently signed into law," Woods said in the blog post.”
Exxon doubled its holdings in the Permian last year through the acquisition of companies owned by the Bass family. The $5.6 billion acquisition ranked as the second largest deal in the U.S. oil and gas exploration and production space, according to Houston-based advisory firm PLS.
Woods said the investment announced Monday comes on top of billions it earmarked last year to projects on the U.S. Gulf Coast.
Exxon in March said it would spend $20 billion to construct chemical, refining, lubricant and liquefied natural gas facilities along the coast. The company said at the time it aimed to create 12,000 permanent jobs on the back of the investment.
The company also gave a reminder that it would release fourth-quarter and full-year 2017 financial results this Friday, February 2.
The company’s shares neared the close Monday down 70 cents each to $88.30
