ExxonMobil nets record breaking US$55.7B profit in 2022

Feb 01, 2023 News

– foresees more multi-billion dollar revenues as production ramps up offshore Guyana

Kaieteur News – American oil giant, ExxonMobil Corporation announced yesterday that it made a jaw-dropping US$12.8B in the fourth quarter of 2022, bringing total earnings to US$55.7B. This is a substantial increase when compared to profits for 2021 totalling US$23B.

The oil giant was keen to note that shareholder distributions were an eye-popping US$29.8 billion, including US$14.9 billion in dividends and US$14.9 billion of share repurchases. Given the significant revenues made, Exxon said it increased and extended its share-repurchase programme with up to US$35 billion of cumulative share repurchases in 2023-2024.

CEO and Chairman of ExxonMobil Corporation, Darren Woods

Following the news of the record-breaking performance, Darren Woods, Chairman and Chief Executive Officer said, “The hard work and commitment of our people is what enabled us to deliver industry-leading operating and financial results and shareholder returns in 2022.”

He added: “while our results clearly benefited from a favourable market, the counter-cyclical investments we made before and during the pandemic provided the energy and products people needed as economies began recovering and supplies became tight. We leaned in when others leaned out.”

Woods said the plan for 2023 calls for further progress on strategic objectives, which include leading the industry in safety, operating, and financial performance. He said Exxon will therefore continue to invest in its advantaged projects such as those in Guyana to not only cash in on more revenues but also to deliver profitable growth, help meet society’s growing needs, and reduce emissions in operations, while providing innovative solutions that help others reduce theirs.

At the Stabroek Block where Exxon is the operator through its subsidiary, Esso Exploration and Production Guyana Limited (EEPGL), there are two oil ships in operation. These are the Liza Destiny and the Liza Unity floating production, storage and offloading vessels (FPSOs). Both are producing over 380,000 barrels of oil per day. A third FPSO will come on stream this year at the Payara field with an expected capacity of 220,000 gross barrels of oil per day (bopd).

The fourth development, Yellowtail, was sanctioned in April 2022 and will utilize the ONE GUYANA FPSO with an expected capacity of 250,000 gross bopd, with first production expected in 2025.

A fifth development, Uaru, was submitted for approval to the Government of Guyana in the fourth quarter. Pending Government approvals and project sanctioning, the project is expected to have a capacity of approximately 250,000 gross bopd with first oil anticipated at the end of 2026. A sixth development at the Whiptail field is already before Guyanese authorities for review. Scoping consultations on that venture will kick start today.

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Chairman and Chief Executive Officer, Corporation, Darren Woods, ExxonMobil, jaw-dropping

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