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Exxon Mobil to invest $50 billion in US over 5 years, citing tax reform

Exxon Mobil to invest $50 billion in US over 5 years, citing tax reform Exxon Mobil on Monday said it plans to invest $50 billion in the United States over the next five years, saying its decision is partly due to corporate tax cuts. The investment will go towards increasing production in the Permian basin in western Texas and eastern New Mexico. Exxon announced $20 billion in spending for U.S. Gulf Coast manufacturing in March. Exxon Mobil , the world's largest publicly traded oil company, on Monday said it plans to invest $50 billion in the United States over the next five years. Darren Woods, chairman and CEO of Exxon, said in a blog post that the investment is partly due to recently passed corporate tax cuts. The announcement puts Exxon on the board with a number of other companies that have announced employee bonuses and investments following President  Donald Trump  and GOP lawmakers' tax overhaul. "These investments are underpinned by the unique s
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US rig count jumps 8 units to hit 1,021

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Baker Hughes: US rig count jumps 8 units to hit 1,021 The US drilling rig coun t gained 8 units to reach 1,021 during the week ended Apr. 27, data from  Baker Hughes  indicate. The report shows an overall increase of 156 units from year-ago levels. Offshore units were unchanged this week at 18 rigs in the Gulf of Mexico. A total of 998 rigs were drilling on land, up 7 units from last week ( OGJ Online, Apr. 20, 2018 ). The number of rigs drilling in inland waters was up 1 unit to 5 rigs working. Rigs targeting oil were up 5 units to 825, and up 128 from the 697 rigs drilling for oil this week a year ago. Gas-targeted rigs climbed 3 units to 195. This time a year ago, 171 units were drilling for gas. Oklahoma saw the largest increase with a 6-unit jump to 133 rigs running. Texas, at 513 rigs working, was up 4 units. North Dakota reached 55 rigs working, up 3 from a week ago. Louisiana, at 60, and Ohio, at 24, were up 2 rigs each from a week ago. California added a single
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