Updated Jan 30, 2018

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.

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

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Updated 8 mins ago - Politics & Policy

Republicans sue California over mail-out ballot plan

California Gov. Gavin Newsom during a February news conference in Sacramento, California. Photo: Justin Sullivan/Getty Images

President Trump accused Democrats of trying "Rig" November's general election as Republican groups filed a lawsuit against California Sunday in an attempt to stop Gov. Gavin Newsom (D) from mailing ballots to all registered voters.

Driving the news: Newsom signed an executive order this month in response to the coronavirus pandemic ensuring that all registered voters in the state receive a mail-in ballot.

Federal judge strikes down Florida law requiring felons to pay fines before voting

Gov. Ron DeSantis. Photo: oe Raedle/Getty Images

A federal judge on Sunday ruled that a Florida law requiring convicted felons to pay all court fines and fees before registering to vote is unconstitutional.

Why it matters: The ruling, which will likely be appealed by state Republicans, would clear the way for hundreds of thousands of ex-felons in Florida to register to vote ahead of November's election.