The oil giant, ExxonMobil has just announced that they plan to invest more than $50 billion over the next five years to expand their business in the United States, according to their website Energy Factor, in which they specifically cite the recent tax reform bill that President Trump signed into law last year.
During this major announcement, Exxonmobil also took the time to mention that they are following the same lead that can be seen from other major corporations in America.
Because of the recent tax reform bill, several companies have announced plans to invest here in the U.S., partly because of the reduced corporate tax rates that use to be the highest tax rates in the developed world, and because President Trump reduced the number of regulations on corporations as well.
ExxonMobil says that because of these positive developments in the tax realm, then that means more jobs and economic expansions across the United States including in ExxonMobil’s company.
“‘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.’
‘This comes on top of our massive build-out of operations along the Gulf Coast where we are investing billions of dollars and creating tens of thousands of high paying jobs on a number of major chemical, refining and lubricant projects,’ reports Energy Factor.”
ExxonMobil says that these are quality investments for their shareholders and are made even better by the tax reform and that is good news for the millions of American who own stock in the oil company. It is also a good sign for those who have indirect ownership in the company as well, like through public pension funds, mutual funds, or exchange-traded funds that are ExxonMobil owners.
Darren Woods, the Chairman, and CEO of ExxonMobil, is obviously very pleased to have a president in the White House who understands what hinders companies and instead is willing to allow U.S. businesses to grow and create a climate in the U.S. where they can do that.
“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,” Woods said.