Exxon Plans $50 Billion Building Spree, But Details Scarce
- Plan revealed in tweet by Republican congressmen from Texas
- CEO cites Trump tax overhaul, but it comes as oil prices rise
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Exxon Mobil Corp. is set to invest $50 billion over the next half decade in a return to the oil giant’s spending habits before crude suffered its worst price rout in a generation.
With oil prices now hovering above $65 a barrel in New York, Exxon Chief Executive Officer Darren Woods disclosed a program that includes the Permian Basin of West Texas and New Mexico, a hotbed of U.S. shale drilling where Exxon has been aggressively expanding for years.