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Exxon and partners made five times more profit than Guyana in 2025 – financials reveal
(Kaieteur News) – ExxonMobil, the operator of Guyana’s prolific Stabroek Block in 2025 recorded a staggering US$6B in profit before taxes, while its partners, Hess and CNOOC earned US$4B and US$2.5B respectively- some five times the amount that flowed into Guyana’s account that year.
In 2025, the nation received US$2.5B in oil revenue according to official reports by the Government of Guyana (GoG). The country is entitled to 50% of profits generated in the Stabroek Block, while the contractor, EMGL enjoys the remaining 50%. The country also receives 2% of all oil produced in the Stabroek Block, according to the 2016 Production Sharing Agreement (PSA). This means that Guyana’s profit share should be greater than the contractors’, yet the oil companies each reported earnings that vastly outperform the nation.
EMGL Vice President and Business Services Manager, John Colling
Exxon reported its financial performance for 2025 during a media conference on Tuesday at its Ogle, East Coast Demerara Headquarters.
The financial statement for the year ended 31st December, 2025 was presented by EMGL Vice President and Business Services Manager, John Colling.
Colling said ExxonMobil sold about 102 million barrels of oil in 2025. The company’s financials, reported in Guyana dollars state that its revenue for the year was $1.713 trillion, compared with $1.733T in 2024. Exxon said the lower cost per barrel of oil in 2025 was the reason for the reduction in earnings, compared with the previous year, although a new Floating Production Storage and Offloading vessel (FPSO) commenced production in August last year.
The Vice President was asked by this newspaper to explain this discrepancy in the profit-sharing arrangement. He said, “As we mentioned before, there’s a difference between petroleum agreement, accounting and IFRS. So, the petroleum agreement is really designed to allocate profit oil on a cash basis between ExxonMobil Guyana Limited and its co-venturers, and the government.”
Colling added that 75% of revenue generated is presently utilised for cost recovery as is reflected in the IFRS financial statements.
He assured that upon the recovery of those costs, Guyana’s pool of revenue will grow and is poised to increase as more projects come online.
In March this year, President of ExxonMobil Guyana, Alistair Routledge told reporters that some US$5B was still in the cost bank to be recovered by the companies.
Exxon is however pursuing two more developments in the Stabroek Block that could push the cost bank up and further delay Guyana’s chance of receiving increased revenue, without ring-fencing. This provision would ensure that the cost of that project is recovered from that development when production starts. It would also mandate that 50% of all oil produced is handed over to Guyana, after the operating costs are deducted.
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