ExxonMobil CEO Announces $50 Billion Investment in United States Due to Tax Reform Law

By January 29, 2018Shopfloor Main

(Photo Credit: Flickr/Mike Mozart/CC BY 2.0)

Hundreds of companies have announced wage increases, bonuses, facility expansions and other investments back into their businesses since President Donald Trump signed the historic tax reform bill into law. Just this past week, Honeywell International, FedEx and Home Depot all unveiled exciting new investments thanks to savings from tax reform.

Now, ExxonMobil is the latest to add itself to the list.

On Monday, U.S. energy manufacturer ExxonMobil unveiled plans to invest $50 billion in the United States within the next five years due to the tax reform law. The announcement came from Exxon Mobil Corporation Chairman and CEO Darren Woods:

At ExxonMobil, we plan to invest more than $50 billion over the next five years to expand our business in the United States. These investments are underpinned by the unique strengths of our company and enhanced by the historic tax reform recently signed into law…

These positive developments will mean more jobs and economic expansion across the United States in a myriad of industries.

Woods said that the new $50 billion will complement planned investments that ExxonMobil already had scheduled for the coming years in infrastructure, manufacturing and increased oil production:

For instance, we 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. This will create thousands of jobs, strengthen the U.S. economy and enhance energy security.

Tax reform and regulatory reform specifically, according to Woods, prompted the company’s $50 billion spending plan:

These are all possible because of the resource base developed by our industry along with sound tax and regulatory policies that create a pro-growth business climate here in the United States.

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. We’re actively evaluating the impact of the lower tax rate on the economics of several other projects in the planning stages to further expand our facilities along the Gulf Coast.

“Good to see sound policy laying the groundwork for America’s future economic success,” Woods added.

ExxonMobil employs nearly 73,000 workers. The company donated nearly $10 million to the Red Cross and other charitable organizations after Hurricane Harvey.

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