Exxon Mobil has plans to invest $50 billion in the United States over the next five years.
Darren Woods, chairman and CEO of Exxon, said in a blog post that the investment is partly due to recently passed corporate tax cuts. More than $35 billion is slated for projects not previously announced, according to company spokesman Scott Silvestri. These projects are in addition to the $20 billion of investments that Exxon announced last year.
As part of the investment, Exxon plans to increase production in the Permian basin, a shale oil region in western Texas and eastern New Mexico, which the Irving, Texas-based oil major said would triple its production of oil and chemical feedstocks and expand infrastructure to bring those products to market by 2025. It plans to increase total daily production in the U.S. Southwest’s Permian Basin by 600,000 barrels of oil equivalent, a measure of crude, natural gas and other product output. In 2016, Exxon’s total output was 4.1 million barrels of oil equivalent per day.
