The Washington Times -- January 29th, 2018
One of the worlds leading oil companies said Monday it will make new investments in the U.S. worth tens of billions of dollars as a result of the recent tax reform bill championed by President Trump and congressional Republicans.
In a Blog post on his company's website, ExxonMobil CEO Darren Woods said his firm will put $50 billion into existing and new American operations, hiring new workers and expanding output in Texas, New Mexico and elsewhere.
"These investments are underpinned by the unique strengths of our company and enhanced by the historic tax reform recently signed into law," he said. "Several companies have announced plans to invest here at home, partly because of tax reform, which among other things reduced one of the highest corporate rates in the developed world. These positive developments will mean more jobs and economic expansion across the United States in a myriad of industries."
"The recent changes to the U.S. corporate tax rate coupled with smarter regulation create an environment for future capitol investments and will further enhance ExxonMobil's competitiveness around the world," he said. "We're actively evaluating the impact of power tax rate on the economics of several other projects currently in the planning stages to further expand our facilities along the gulf coast."
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