Exxon Mobil Corp. XOM, -1.40% stated Monday it prepares to invest more than $50 billion over the next 5 years to broaden its U.S. business, connecting the plan in part to the United States tax overhaul. The cash would go to increase oil production in West Texas’ Permian Basin, the only oil-producing domestic area to make a reference, to general enhancements in facilities, and to new plants, the company stated in an article penned by Chief Executive Darren Woods.

“These financial investments are underpinned by the special strengths of our company and boosted by the historical tax reform just recently signed into law,” he stated. Exxon shares fell 0.7% Monday and have actually gotten 3.3% in the previous 12 months, compared to gains around 25% for the S&P 500 index SPX, -1.09%.