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With Guyana’s premium oil, other global assets no other company can match us – Exxon CEO
ExxonMobil’s CEO, Darren Woods
– boasts of being record setter with this country’s operations
By Kiana Wilburg
Kaieteur News – With Guyana’s premium oil assets, and other notable projects in its portfolio, ExxonMobil Corporation’s Chief Executive Officer (CEO) and Chairman, Darren Woods recently boasted that “no other company can match the depth and breadth of development opportunities” his company offers.
The CEO made this comment, among others, last Friday during Exxon’s 2023 fourth quarter earnings call. During that engagement with shareholders, Woods boasted that the company finished the quarter with US$7.6Billion in profits.
Overall, he said the company made an astounding US$36B for 2023. On that premise he said, “The results are clear. By any measure, 2023 was an outstanding year. We delivered strong cash flows, and a 15% return on capital employed. Today, we’re convinced that no other company can match the depth and breadth of development opportunities that ExxonMobil offers.”
In Exxon’s Upstream business, he boasted once again that his company is a record setter with both Guyana and the Permian growing combined volumes by more than 18% in 2023. He told shareholders that Guyana’s third oil project, Payara, which uses the Prosperity floating, production, storage, and offloading (FPSO) vessel reached nameplate capacity of 220,000 barrels of oil per day in mid-January. He said this is well ahead of the schedule that was initially planned and a testament to the company’s “excellence in execution.”
Woods said, “Our strategy, introduced in 2018, coupled with consistently strong execution, is delivering results that lead industry across a range of metrics, including earnings and cash flow growth, total shareholder distributions, and total shareholder returns since 2019, the baseline year of our plans.”
On a constant-price basis, Woods said Exxon more than doubled earnings in 2023 versus 2019, demonstrating the improved earnings power of the company. He noted as well that the growth in profitability reflects significant progress in high-grading its portfolio of assets through advantaged projects, divestment of less strategic operations, and significant cost reductions.
Another key highlight for Woods was that Exxon was able to ensure US$9.7 billion of structural cost savings. He said this exceeds the company’s 2023 plan and gave it a jump start on plans to capture US$15 billion in savings by 2027.
Additionally, Woods said Exxon’s strong financial performance is creating exceptional value for shareholders. “We raised the dividend by 4.4% in the fourth quarter of 2023, marking our 41st consecutive year of annual dividend increases. In total, last year we returned more than US$32 billion to shareholders through dividends and share repurchases, leading peers,” said Woods. The CEO said these distributions helped deliver a 15% annualized total shareholder return since 2019, once again leading peers and outperforming the broader market. “Our plan for 2024 builds on this success,” he concluded.
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