A worker adjusts pipes at the Exxon oil drilling plant in Baytown, Texas. Photo: Greg Smith / Corbis via Getty Images

ExxonMobil is tripling its daily oil production in the Permian basin to more than 600,000 oil-equivalent barrels by 2025, the oil giant said Tuesday. It's also spending more than $2 billion to upgrade its transportation infrastructure in West Texas and New Mexico.

Why it matters: Exxon says the tax law has created an "environment for increased future capital," but these investments are also largely being driven by rising oil prices. Exxon’s announcement will likely please the White House and Republicans who have pitched reducing the corporate tax cuts from 35% to 21% as a boost for American workers and the economy.

The details: The increase in production will result from a reduction in drilling costs, technology improvements and expanded acreage, the oil and gas production company said. This would usher in low-cost supply and feedstocks to the company’s downstream and chemical operations in Texas and Louisiana. These facilities manufacture products, such as polyethylene and synthetic lubricant.

Go deeper:

  • Exxon announced Monday it is spending $50 billion in the U.S. over the next five years, $35 billion of that previously undisclosed.
  • Details on that announcement were scarce, Bloomberg notes.

Go deeper

Updated 2 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 2 p.m. ET: 18,147,574 — Total deaths: 690,573 — Total recoveries — 10,753,815Map.
  2. U.S.: Total confirmed cases as of 2 p.m. ET: 4,687,828 — Total deaths: 155,062 — Total recoveries: 1,468,689 — Total tests: 56,812,162Map.
  3. Politics: White House will require staff to undergo randomized coronavirus testing — Pelosi says Birx "enabled" Trump on misinformation.
  4. Business: Virtual school is another setback for retail — The pandemic hasn't hampered health care.
  5. Public health: Former FDA chief says MLB outbreaks should be warning sign for schools.

Filing suggests Manhattan DA is investigating Trump for possible fraud

Photo: Brendan Smialowski/AFP

The Manhattan District Attorney's office suggested for the first time Monday that it's investigating President Trump and his company for "alleged bank and insurance fraud," the New York Times first reported.

The state of play: The disclosure was made in a filing in federal court that seeks to force accounting firm Mazars USA to comply with a subpoena for eight years of Trump's personal and corporate tax returns.

House Democrats subpoena top Pompeo aides in probe of IG firing

Mike Pompeo. Photo: Jim Lo Scalzo-Pool/Getty Images

The Democratic chairs of the House Oversight and House Foreign Affairs committees announced subpoenas Monday for four State Department officials as part of their investigation into the firing of former Inspector General Steve Linick.

Why it matters: The two committees, in addition to Democrats on the Senate Foreign Relations Committee, are investigating whether Linick was fired because he was probing Secretary of State Mike Pompeo and the State Department's attempts to bypass Congress to sell weapons to Saudi Arabia and the United Arab Emirates.