Exxon says it’ll invest over $50 billion, citing tax cut

DALLAS – Exxon’s CEO says the oil company will invest more than $50 billion over the next five years to expand its business in the U.S.

Chairman and CEO Darren Woods said Monday that the investments are possible because of the company’s strength and helped by the recent law that cut taxes on corporations.

Exxon plans to increase oil production in Texas and New Mexico and build new manufacturing plants.

Woods says they are quality investments for shareholders that are made better by tax reform.

A chorus of business leaders have praised the tax law, which cut the corporate income-tax rate from 35 per cent to 21 per cent. Republicans say the law will spur growth and create jobs. Democrats say it favours the wealthy and adds to the federal budget deficit.