Darren Woods, CEO and Chairman of Exon Mobil, said last week that his company will be investing about $50 billion in the development of the US oil business over the next 5 years.

Woods said that Exxon is able to make such an investment due to the company’s strength and because of the recently-passed tax law which will slash corporate tax in the USA.

The money will be used to boost oil production in Texas and New Mexico, and to build new manufacturing facilities.

Woods added that the investments are good quality for shareholders which are made even better by the new tax landscape.

Many business leaders have come out in favor of the tax reform plan, which lowers corporate taxes from 35% down to 21%. Republicans were especially happy with the law, saying it will fuel growth and create more jobs. Democrats are not as pleased, saying the reforms favor the rich and expands the federal budget deficit.