Market Weekly: Jan 29 Feb 2 2018

#14683
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Participant

Exxon Mobil $XOM says it plans to invest more than $50B in the U.S. over the next five years, citing the recent tax law changes and “the unique strengths of our company.”

CEO Darren Woods says XOM

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… on top of our massive build-out of operations along the Gulf Coast.

We’re actively evaluating the impact of the lower tax rate on the economics of several other projects currently in the planning stages to further expand our facilities along the Gulf Coast,