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Exxon to triple Permian oil production

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.