Exxon Shrinks Footprint In Nigeria Despite Renewal Of Lease On Lagos Office: Report
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 30 2024
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Source: Benzinga
- Exxon Mobil Lease Renewal: Exxon Mobil Corporation is renewing a 33-year-old lease on its offices in Lagos's Lekki district, despite plans to scale down operations in Nigeria.
- Relocation Plans: Exxon is moving staff from its 12-floor Mobil House to a six-floor office building in the Ikoyi area, accommodating half the personnel.
- Asset Sale Approval: Exxon's asset sale to Seplat Energy could be approved soon, with the deal nearing closure.
- Other Companies Exiting Nigeria: Shell, TotalEnergies, and Eni have also planned to leave Nigeria's oil-rich Niger delta due to security concerns, facing regulatory hurdles.
- Investor Exposure: Investors can access exposure to Exxon Mobil through Energy Select Sector SPDR Fund and iShares U.S. Energy ETF.
Analyst Views on IYE
Wall Street analysts forecast IYE stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for IYE is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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Current: 51.770
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
