Exxon to pour money from tax cuts into development of Permian Basin properties
Exxon Mobil to invest $50 billion in US over 5 years, citing tax reformIt would be smart to ivnest in refiniang capacity for the light crude being produced in the Permian Basin. Such a move would be another step toward energy independence for the US. This is another corporate step that goes contra to what Democrats predicted for the tax cuts.
- Exxon Mobil on Monday said it plans to invest $50 billion in the United States over the next five years, saying its decision is partly due to corporate tax cuts.
- The investment will go towards increasing production in the Permian basin in western Texas and eastern New Mexico.
- Exxon announced $20 billion in spending for U.S. Gulf Coast manufacturing in March.
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 where the low cost of production has attracted drillers. Exxon said it will expand its operations, make improvements to infrastructure and construct manufacturing sites, activities that it expects will generate thousands of new jobs.