Exxon to invest $50 billion in U.S. business

DALLAS – Exxon Mobil's (XOM) CEO says the oil company will invest more than $50 billion over the next five years to expand its business in the U.S.

Chairman and CEO Darren Woods said Monday that the investments are possible because of the company's strength and helped by the recent law that cut taxes on corporations.

Exxon plans to increase oil production in Texas and New Mexico and build new manufacturing plants.

Woods says they are quality investments for shareholders that are made better by tax reform.

A chorus of business leaders have praised the tax law, which cut the corporate income-tax rate from 35 percent to 21 percent. Republicans say the law will spur growth and create jobs. Democrats say it favors the wealthy and adds to the federal budget deficit.