Energy giant Exxon Mobil announced plans Monday to spend $50 billion to expand its domestic business operations, citing the recently passed tax cut legislation.
"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," Chief Executive Office Darren Woods said in a posting Monday on the company's website.
"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," Woods added. "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."
Exxon Mobil follows a slew of companies, including major employers such as Walmart, Bank of America, AT&T, American Airlines, and Comcast, that have said the tax reform legislation has made it possible for them to expand operations and reward employees. Unlike those companies, Exxon Mobil did not commit to raising employee wages or paying bonuses.