Energy giant Exxon Mobil revealed strategies Monday to invest $50 billion to broaden its domestic business operations, pointing out the just recently passed tax cut legislation.

” At ExxonMobil, we plan to invest more than $50 billion over the next 5 years to broaden our business in the United States. These financial investments are underpinned by the distinct strengths of our company and boosted by the historical tax reform just recently signed into law,” Chief Executive Office Darren Woods stated in a publishing Monday on the company’s website.

” For circumstances, we will be investing billions of dollars to increase oil production in the Permian Basin in West Texas and New Mexico, broaden existing operations, enhance facilities and construct new production websites. This will produce countless tasks, reinforce the United States economy and boost energy security,” Woods included. “We’re actively examining the effect of the lower tax rate on the economics of a number of other tasks present in the preparation phases to more broaden our centers along the Gulf Coast.”.

Exxon Mobil follows a variety of business, consisting of significant companies such as Walmart, Bank of America, AT&T, American Airlines, and Comcast, that have stated the tax reform legislation has actually made it possible for them to broaden operations and benefit staff members. Unlike that business, Exxon Mobil did not devote to raising worker salaries or paying bonus offers.