“At ExxonMobil, we plan to invest more than $50 billion over the next five years to expand our business in the United States,” said Chairman and CEO Darren Woods in a post on the company website.
Bloomberg notes that this is a significant hike for Exxon over their U.S. spending in recent years. With oil hovering around $65 a barrel, that helps.
“These investments are underpinned by the unique strengths of our company and enhanced by the historic tax reform recently signed into law.”
“In fact,” said Woods, “as you have probably seen, several companies have announced plans to invest here at home, partly as a result of tax reform, which among other things reduced one of the highest corporate tax rates in the developed world.”
Apple, which trends left politically, made a major recent announcement about repatriating over $200 billion dollars, citing tax reform. A report on what that could mean for the factory-built housing industry, is linked below.
Apple, Amazon, Alphabet (Google), What Role Will Trillionaire Firms Play in Factory Built Housing?
“These positive developments will mean more jobs and economic expansion across the United States in a myriad of industries,” Exxon’s CEO wrote.
Wood said where he expects some of those investments to come, and those locals should be of interest to factory builders. Manufactured housing, modular and workforce housing sales have tended to follow-the-oil-money for years.
“For instance, we will be investing billions of dollars to increase oil production in the Permian Basin in West Texas and New Mexico, expand existing operations, improve infrastructure and build new manufacturing sites. This will create thousands of jobs, strengthen the U.S. economy and enhance energy security,” the oil giant chairman’s said.
As numerous economic observers know, more U.S. energy not only spells more higher paying jobs, but it will have positive political and economic effects at home and abroad. For example, the less dependent the U.S. is on Middle Eastern oil, arguably the safer the nation is.
Woods continued, “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.”
“These are quality investments for our shareholders that are made even better by tax reform,” said Woods. “That’s good news if you‘re among the millions of Americans who own ExxonMobil stock directly or have indirect ownership through the many public pension funds, mutual funds or exchange traded funds that are ExxonMobil owners.”
“These are all possible because of the resource base developed by our industry,” said the Exxon post, “along with sound tax and regulatory policies that create a pro-growth business climate here in the U.S.” ## (News, analysis, and commentary.)
(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)
Soheyla is a managing member of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com.
