ExxonMobil to expand U.S. business with $50bn investment plan

ExxonMobil to expand U.S. business with $50bn investment plan

"These investments are underpinned by the unique strengths of our company and enhanced by the historic tax reform recently signed into law", Woods said.

In a recent Energy Factor blog post, ExxonMobil's Chairman and CEO announced that the oil and gas multinational will be committing over $50bn to the United States over the course of the next five years in the aim of expanding its regional business.

This comes on top of our massive build-out of operations along the Gulf Coast where we are investing billions of dollars and creating tens of thousands of high paying jobs on a number of major chemical, refining and lubricant projects.

"And it will complement the substantial capital spending in the United States that ExxonMobil has teed up in the coming years".

Woods said Monday the company could expand its facilities on the Gulf Coast, pending an evaluation of the impact of lower tax rates on several projects now in the planning stage.

Through capital efficient production growth, the increased volumes will be driven by reduced drilling costs, technology improvements and expanded acreage.

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ExxonMobil today is one of the most active operators in the ancient basin, where it has drilled more than 5,000 horizontal wells to date. President Sara Ortwein, who runs ExxonMobil's onshore-focused subsidiary.

In order to boost its Permian operations, the oil firm plans to invest more than $2bn on Wink terminal and add key infrastructure upgrades. "We can deliver profitable production at a range of prices, and we have logistics and technology advantages over our competitors".

Through its $6 billion Bass companies acquisition in 2017, ExxonMobil added an estimated resource of 3.4 billion barrels of oil equivalent, with upside potential in multiple additional prospective horizons.

Exxon said on Tuesday that it plans to triple production from its operations in the Permian Basis in West Texas and New Mexico to more than 600,000 barrels a day by 2025.

"Those investments, expected to exceed $2 billion, will support short-term construction jobs and long-term positions", management said.

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