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MarketScreener Homepage  >  Equities  >  Nyse  >  Exxon Mobil Corporation    XOM

EXXON MOBIL CORPORATION

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Exxon Mobil : ExxonMobil expresses commitment to investing in Nigeria

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04/16/2019 | 12:34am EDT

By Prince Okafor

ExxonMobil, a leading oil and gas company has expressed commitment to investing in Nigeria.

The company stated this when the Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu visited the ERHA FPSO operated by ExxonMobil Nigeria on April 13, 2019. In a statement sent to Vanguard, the Ministry of Petroleum Resources, stated that the visit was targeted at enhancing the project. It stated: “This latest round of visits to the FPSO’s is to provoke the oil production fields of Nigeria to ramp up their crude production and unlock gas in line with the gas revolution Agenda of the #7BigWins.

“He was received by Richard Laing, Executive Director and Production Manager of ExxonMobil Nigeria, while Scott Hommema, the General Manager, Deepwater Operations and Joint Interest, took him and his delegation on a tour of the FPSO.”

ExxonMobil staff

It stated that while addressing key business concerns of ExxonMobil Nigeria, Kachikwu urged them to not only focus on the profitability of the firm but also on giving back to the society having been doing business around the country for a long time. He commended the crew on behalf of the Federal Government of Nigeria for their sacrifice, urgency of attention and value addition while conveying President Muhammadu Buhari’s deep commitment to the welfare of those on the production fields.

Nigeria still bleeding from corruption – ANEEJ

Kachikwu name-checked the Department of Petroleum Resources’ automation initiatives that include Crude Oil and LNG Tracking (COLT), Automatic Downstream System (ADS) and Accelerated Lease Renewal Program (ALRP). He also referenced the community engagement drive of the organization evidenced by the peace and harmony seen in operating areas. The Executive Director and Production Manager of ExxonMobil Nigeria, Richard Laing, also used the opportunity to firmly debunk the unsubstantiated rumour about the Organizations exit from Nigeria. He further noted that the ERHA field is located in Oil Mining Lease (OML) 133 and ExxonMobil Nigeria holds a 56.25 percent participating interest while Shell Nigeria Exploration and Production Company (SNEPCO) holds the remaining 43.75 percent share. The Floating, Production, Storage and Offloading (FPSO) has about 2.2 million barrels of storage capacity making it one of the largest of its kind, globally.

(c) 2019 Vanguard Media Limited, Nigeria Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

Stocks mentioned in the article
ChangeLast1st jan.
ADAMS NATURAL RESOURCES FUND INC 1.29% 17.32 Delayed Quote.18.87%
EXXON MOBIL CORPORATION 2.18% 82.9 Delayed Quote.21.57%
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Financials ($)
Sales 2019 283 B
EBIT 2019 28 515 M
Net income 2019 19 963 M
Debt 2019 35 337 M
Yield 2019 4,16%
P/E ratio 2019 18,01
P/E ratio 2020 13,94
EV / Sales 2019 1,34x
EV / Sales 2020 1,25x
Capitalization 343 B
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Mean consensus HOLD
Number of Analysts 22
Average target price 84,6 $
Spread / Average Target 4,2%
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Darren W. Woods Chairman, President & Chief Executive Officer
Andrew P. Swiger Chief Financial Officer & Senior VP
Samuel J. Palmisano Independent Director
Steven S. Reinemund Independent Director
Kenneth C. Frazier Independent Director
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