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First quarter report: Record high oil production in Guyana drives industry-leading profits for Exxon
(Kaieteur News) – Guyana’s Floating Production Storage and Offloading vessels (FPSOs) have been singled out in Exxon Mobil’s 2026 first quarter report for their unmatched performance, which the global energy giant described as “industry leading” pushing the company’s earnings for the first three months of this year to US$4.2B.
The report published on Friday states, “Net production in the first quarter reached 4.6 million oil-equivalent barrels per day, with Guyana setting a new quarterly production record of more than 900 thousand gross barrels of oil per day.”
As such, the company told shareholders that earnings for the quarter totaled US$4.2B or $1.00 per share assuming dilution.
Exxon puts the spotlight on Guyana’s Prosperity FPSO- taking the cover page of its 2026 first quarter report.
The report also explains, “Earnings excluding identified items were $4.9 billion, or $1.16 per share. Earnings were $8.8 billion, or $2.09 per share, excluding identified items and unfavorable estimated timing effects that unwind in subsequent periods.”
Meanwhile, cash flow from operating activities was US$8.7 billion, or US$13.8 billion excluding margin postings, which primarily fluctuate with the fair value of underlying derivatives. Shareholder distributions of $9.2 billion included $4.3 billion of dividends and $4.9 billion of share repurchases, consistent with the company’s previously announced plans.
According to Chairman and Chief Executive Officer (CEO), Darren Woods, “This quarter demonstrated that ExxonMobil is a fundamentally stronger company than it was just a few years ago, built to perform through disruption and across market cycles. Events in the Middle East tested that strength with the safety of our people remaining our top priority. Those events also underscored the importance of reliable, affordable energy products and the value of the capabilities we have built to deliver them.”
He added that the underlying business delivered strong results, reflecting the benefits of the strategy executed by Exxon Mobil consistently since 2018.
Woods highlighted that the company has grown “advantaged volumes, optimized our operations, reduced structural costs, and strengthened our earnings power.” Consequently, the CEO noted that the result is a more resilient, lower-cost business, grounded in advantaged assets, disciplined capital allocation, and execution excellence. “That foundation gives us a durable platform to grow earnings, cash flow, and shareholder value through 2030 and beyond,” he assured.
In the first quarter of 2026, the four FPSOs in the Stabroek Block, operated by Exxon generated a combined total of approximately 920,000 barrels per day (bpd).
Three of the vessels have been optimized by the company, producing above the initial design capacity. In March, the operator revealed plans to push the fourth project, Yellowtail from 263,000 bpd to 290,000 bpd.
Exxon’s report said, “Guyana 1Q26 FPSO performance is industry-leading in operational availability against Solomon Associates’ most current benchmarking report, dated April 2026. Solomon defines industry-leading as the top two performers.”
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