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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
Wholesale Prices in U.S. Rose More Than Forecast in October
Photographer: Saul Martinez/Bloomberg
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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.