Exxon Mobil Corp.
said Monday it plans to invest more than $50 billion over the next five years to expand its U.S. business, tying the plan in part to the U.S. tax overhaul. The money would go to increase oil production in West Texas’ Permian Basin, the only oil-producing domestic region to earn a mention, to general improvements in infrastructure, and to new plants, the company said in a blog post penned by Chief Executive Darren Woods. “These investments are underpinned by the unique strengths of our company and enhanced by the historic tax reform recently signed into law,” he said. Exxon shares fell 0.7% Monday and have gained 3.3% in the past 12 months, compared with gains around 25% for the S&P 500 index