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Record oil production in Guyana helps Exxon pocket US$36B in profits for 2023
ExxonMobil CEO, Darren Woods
“Our work in Guyana continues to be among our most exciting and successful – for our business, the people of Guyana, and the world.” – ExxonMobil Corporation
…says earnings grew over 40% since 2019
Kaieteur News – The startup of oil production in Guyana since 2019 has been driving the growth of American oil giant Exxon Mobil Corporation (XOM).
The company in its 2023 Annual Report, released on Thursday, revealed that it pocketed US$36B in profits, driven by the record levels of oil production in Guyana and the Permian.
Chief Executive Officer (CEO) and Chairman of XOM, Darren Woods told shareholders of the Fortune 500 company, “We outpaced peers across a range of metrics, delivering earnings of $36 billion and operating cash flows of $55 billion. In fact, since 2019, we’ve grown earnings at a compound annual growth rate of more than 40% and cash flow by more than 15% – both well ahead of our nearest peer.”
Woods added that the company’s financial position has enabled it to deliver a 15% annualized total shareholder return, including more than $32 billion of shareholder distributions in 2023 alone, which also led peers.
Exxon’s CEO said, “Our industry leadership extends to our record annual production in Guyana and the Permian and the continued strengthening of our already advantaged portfolio through divestments, acquisitions, and investments.”
Exxon’s 2023 Annual Report notes that the company produced 3.7 million oil-equivalent barrels per day on account of the growth in Guyana and the Permian.
Notably, the company reported that production in the Permian averaged 610,000 oil equivalent barrels per day (koebd) for 2023, approximately 60 koebd higher than in 2022.
Meanwhile, Exxon noted, “Our work in Guyana continues to be among our most exciting and successful – for our business, the people of Guyana, and the world. We started up our third major project ahead of schedule and under budget. Our full-year gross production of more than 390,000 barrels per day represents an increase of more than 40% over 2022.”
In November 2023, ExxonMobil Guyana Limited, a subsidiary of XOM commenced oil production at a third Floating Production Storage and Offloading vessel (FPSO), Prosperity, adding an additional 220,000 barrels of oil per day (bpd) to its total output.
Prosperity reached its 220,000 (bpd) full production capacity in January 2024, ahead of schedule. This additional capacity marks the third major milestone towards reaching a combined production capacity of more than 1.2 million barrels per day on the Stabroek Block by year-end 2027.
ExxonMobil is the operator of the Stabroek Block with a 45% interest, while Hess Guyana Exploration Ltd. holds 30% interest and CNOOC Petroleum Guyana Limited holds 25% interest.
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