Darren Woods has spoken

Jan 14, 2024 Editorial

Kaieteur News – ExxonMobil’s Chief Executive Officer, Mr. Darren Woods, spoke recently. It was a thing of beauty, the kind that makes little old ladies empty their piggy banks and invest in ExxonMobil’s shares. All the right notes were struck by Mr. Woods as he went on a tear with high-return, low cost-of-supply projects. Here is a public secret: the substance of Mr. Woods plans has origins in Guyana’s oil. For sure, there is the Permian Basin, and some low fliers elsewhere, but there is nothing cheaper (low-cost-of-supply) than Guyana’s giveaway contract, and low breakeven per barrel of oil produced in Guyana. Mr. Woods, therefore, can beat his drum about higher earnings now, and greater returns for shareholders now.

This is the CEO of ExxonMobil speaking with power and conviction. His people must get more, and they will add to what they have already been receiving, which is nothing short of generous. Mr. Woods can pronounce without the slightest trace of arrogance about the best in industry, and if he wanted to introduce a tad of verbal Texas swagger, he could have spoken without missing a beat about world class, which is where ExxonMobil belongs. Regardless of how Guyanese, or anyone, looks upon ExxonMobil it has that world class standing in terms of technical savvy, managerial sophistication, advanced systems, and the deep pockets to match.

Now we at this publication assert that much of Mr. Woods’s visions and objectives about higher earnings and greater returns for his shareholders have roots in Guyana’s oil. Guyana’s oil is up there relative to quality, it is as cheap as a flea market offering, and there is a Production Sharing Agreement that is all tilted in ExxonMobil’s favor. Forget about signs, portents, and oracles, there is also another hard reality. ExxonMobil basks in the glow of the incomparable advantage of a pliant government, and a political Opposition that is understanding and helpful, to say the least. For these reasons alone, ExxonMobil in Guyana lives in a perfect economic arcadia. Peace and stability as buttresses to burgeoning production, which is why the CEO could do more than dream. He can count his chickens before they are placed in the incubator, which is how far advanced the company is with regard to significantly enhancing rewards to its people. From shareholders to workers to suppliers, the ExxonMobil gravy train is on the move, with momentum shifting power.

We salute Mr. Woods as difficult as it is, if only because he is pushing for, and doing, what is right for his people. We wish that we could say the same thing of our own people, our leaders, our civil society, our private sector, our professional class that they all have what it takes to lineup under the Guyana flag and carry that standard through any challenge, any battle, for better for Guyanese. Darren Woods is all about getting more for his company now, more for his people now. What happened to CEO Ali, CEO Jagdeo, and CEO Norton of Guyana? Why are they not fighting tooth and nail over every inch of space for what is good and right and fair for Guyanese right now?

Why is Guyana’s leading oilman, Bharrat Jagdeo, pontificating about maximizing future revenues, when half of Guyana lament their gritty existence? Why is Aubrey Norton going along to get ahead in this naked oil game? The major shareholders of this oil are Guyanese, but are strangers to a decent living now. Why is that so for the people who own this oil on which ExxonMobil rests so comfortably? As to the few who speak out against oil (ExxonMobil) injustices, they are branded in the most reprehensible manner. ExxonMobil and Darren Woods are celebrating now; Jagdeo is preaching about the future; and Guyanese are living with indignity on their knees.

What does Jagdeo and Norton have to say about this? We would like to applaud both leaders, like we did Darren Woods. But on what basis, and from what leadership essence? Guyanese need now, Guyanese want their rightful share of greater returns in hand now. Will somebody, Jagdeo or Norton rise up and make this happen now? Again, are they up to the task that cries for action right now?

Chief Executive Office, Darren Woods, Editorial, ExxonMobil, Guyana

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Darren Woods has spoken

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