Chevron in Exxon’s choir, trouble looming

Nov 23, 2025 Features / Columnists, The GHK Lall Column

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Hard Truths by GHK Lall

(Kaieteur News) – The oilmen are like a line of those Chinese toy soldiers of yore; except that they are American through and through.  They all sound alike.  Hear one parrot, brace self for an Amazon of them.  The latest one that winged its way into Guyanese consciousness was Chevron’s Vice Chairman, Mr. Mark Nelson.  Obliged, I am sure.  On Chevron’s Investor Day, it was Guyana Day.  Mr. Nelson was overcome by this nirvana, this arcadia, of oil.  When John Hess of Hess Corporation, formerly of the Exxon consortium, went out the door, in rushed the Chevron hand.  What Exxon’s CEO Woods has been telling the world, Chevron’s Nelson took and carried to another level.

Guyana is a “world class asset”, the man said.  Messrs. Woods and Hess had beat Nelson to that, already did their several victory laps.  What could be more indicative of a “world class asset” than a “crown jewel” in Guyana and its oil?  (And its passive, subservient leaders).  Try attaching a value to those priceless gifts.  But Chevron’s Nelson went further and higher: Guyana ranks “among the highest cash margins” with the “highest growth potential and profitability.”  Cats out of the bags.  Challenge question for Guyanese: ever remember hearing Mr. Woods, Mr. Routledge, or Mr. Hess speak so precisely about “cash margins” and profitability?”  Ah, ah!  They are more into being partners with the Guyanese people, with breakeven price per barrel and profit visions kept quietly under wraps.  What, and reveal to Guyanese how much is really being made from their oil?  C’mon, as one man said, there are stupid people.  But, get this, no one is that stupid.  Not stupid enough to disclose breakeven and profit projections, and give Guyanese fancy ideas.  Like discoveries and new oil reserve levels, some things are better left unsaid.

Exxon and Chevron have all of Wall Street watching and analyzing, plus their heavyweight investors, so they build up their long-term prospects.  The Chinese (CNOOC) only have Xi Jinping, so mum is the word.  Currently, the latest milestone in an oil sector of towering milestones is the stellar achievement of 900,000 barrels of production a day (bpd).  It must be admitted these people at Exxon know what they are doing, and where they are going.  How about 2 million bpd? Aright, aright, that’s what I get (2) from rounding 1.7 million barrels.  Now comes the part when Mr. Woods, Mr. Nelson (and Wirth), and Mr. Routledge and I part company.

Unravel this mystery, somebody.  Guyana is producing 900k bpd, and Guyana’s leaders begging banks to borrow more.  Guyana is the proud owner of another local oil record, 900k bpd, and Guyanese waiting for a cash grant to tidy them through Thanksgiving and Christmas.  Scratch Thanksgiving, but the cash grant will be home for Christmas.  Thanks, Dr. Excellency, Dr. General Secretary.  Jesus needed three wisemen.  Guyanese have it so good that they only need two: Ali and Jagdeo.  Correction: it’s that Dr. Ali and Jagdeo are so good.  Low mortality rates to their names.  Mortality is one aspect, being hungry is another.  Being emptyhanded when the bills come around is another.  See why they and their people hate me with a boiling passion!  In fairness, the president assured that a raft of helpful measures will come sailing Guyanese way.  Yessir, I recall those luscious campaign promises.  Merry Christmas, Mr. President.

All of this is inspiring, but what happens after the pending cash grant runout?  Daily production is at 900k casks, and almost half of Guyana know firsthand what it is to be living in Starvation Nation.  How is it that there are those having balls, while Guyanese can’t buy bread or a banga-mary?  None of this is inserted in those glossies called annual reports.  What, and risk investor indigestion!  The real world of Woods and Wirth, Routledge and Nelson, don’t have patience with the plight of Guyanese sitting atop of 900k bpd.  PR and propaganda (identical twins) take care of such nuisances.  What will be the lot of left behind Guyanese when oil production doubles to 1.7 million bpd?  Their cash grant could be doubled, or be twice yearly, or both, and that will be their share in this world class inheritance (asset) of theirs, amid galloping profitability.  I now see why men like Gandhi, King, and Mandela (Malcom and Stokely, too) got so bent out of shape.  Chevron and Exxon singing love ballads, Guyanese singing the blues and bhajans.

One last one for my fellow citizens.  Chevron is not Hess.  Wirth and Nelson are definitely better oilmen than John, as crafty as he was.  Chevron is already touting its prospects to present and prospective investors, with Guyana’s low breakeven and high profitability emphasized.  Coexistence with Exxon could get tense.  Keeping secrets.  Two pit bulls in Guyana’s oil cage.

(The views expressed in this article are those of the author and do not necessarily reflect the opinions of this newspaper.) 

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• Chevron, Exxon, Mr. Mark Nelson, trouble, Vice Chairman

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