There are reports coming from Exxon’s CEO indicating that the oil company has plans underway to invest an excess of $50 billion in a period of five years.
CEO Darren Woods and Chairman revealed that the investments will be possible due to the company’s strength, the move is aimed at expanding the company’s business in the U.S.
Woods also credited the recent law that cut taxes on corporations for the new investments. The oil company also plans to increase oil production in Texas and New Mexico and build new manufacturing plants to facilitate more business.
The CEO also highlighted that the investments are of good quality for the shareholders and they’re also improved by more effective tax reforms.
The tax law, which cut the corporate income-tax rate from 35 percent to 21 percent, has been a famous chorus amongst business leaders who have praised the reform. According to the Republicans, the law will initiate growth and create meaningful employment. The Democrats argue that the tax reform adds to the federal budget deficit and favors the wealthy.