ExxonMobil’s way with numbers

Jul 12, 2026 Editorial, News

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Editorial…

(Kaieteur News) – We at this paper hope that the ExxonMobil Guyana Country Head, Alistair Routledge will not do the unthinkable.  To say that Guyanese Chartered Accountant and attorney -at-law, Chris Ram, does not understand what is involved.  Does not know what he is talking about.  Because, he does not know his accounting, when he raises questions about ExxonMobil’s financials.   We would be surprised if the ExxonMobil head takes that approach, as he does with the media, especially this newspaper.  He is too oil smart and street savvy to trap himself in such a corner, when Ram is taking apart the ExxonMobil financials.  He has done so repeatedly.  Through his untiring efforts, Guyanese have had a quality introduction into the type of partner that they have in ExxonMobil.

The contradictions exposed by Ram have been many, are continuing.  The company’s own accounting records for 2025 indicate that costs consume less than 30 percent of oil revenues, while profits surpass 70 percent.  Given these numbers (percentages), how can it still be said that costs suck out most of Guyana’s oil revenues?  That so basic, as supported by ExxonMobil’s own 2025 financial records, that no one should risk opening their mouths to argue differently.

Then, there is, perhaps, the most glaring contradiction of all.  ExxonMobil and the other offshore consortium members (Hess Corporation and CNOOC) collected US$12.5B.  In a 50:50 profit sharing formula, Guyana should have collected that same amount, US$12.5B.  Guyana’s central bank records show that this country collected US$2.5B.  We put the ExxonMobil consortium’s profits of US$12.5B next to Guyana’s US$2.5B and ask the people of this nation how can that ever be justified in a 50:50 profit sharing agreement.  How can anyone consider that to be straight accounting, a credible practice?

The auditors selected by the Guyana Government, and paid by Guyanese taxpayers, have much answering to do.  The profit disparity ought to have been red flagged.  Why was it not?  An ExxonMobil representative came up with the creative: “petroleum agreement accounting.”  No audit group with any measure of accounting skills should fall for that sleight of hand.  Given the great difference in what consortium members collected, and what Guyana received, as their respective share of oil profits from the Stabroek Block, this has to qualify as an audit embarrassment without precedent.  We call on the government, and Guyana’s chief oil and gas policymaker, Bharrat Jagdeo, to involve the GRA and the national Audit Office, to get to the bottom of this farce.

We go further and suggest that the government starts thinking of recruiting a new set of auditors.  It amazes that the government has stuck to the same audit group to get the same results year after year.  Low hanging fruits (yoga expenses, holiday party expenses, pet grooming expenses) flagged and made a big production out of.  Meanwhile, ExxonMobil and Hess and CNOOC collectively grabbed US$10B more in profits that Guyana got.  No company, no audit group, should be allowed to get off the hook for what is now more than a farce.  There is what gets people who err egregiously in hot water.

To err is one matter.  But not on so big a matter.  Who can explain this, who can condone this, when a 50:50 profit sharing agreement or formula is US$10B apart?  This is a matter that is so big, it calls for President Irfaan Ali to fix his mind on it.  He would serve the citizens of this country better, if he calls ExxonMobil to the carpet on this huge discrepancy.  Rather than going out of his way to be on the good side of ExxonMobil’s CEO Darren Woods and its Guyana Country Head, Alistair Routledge.  A true partner does not do this to another partner.  Certainly, not to the degree that ExxonMobil has on Guyana.

The citizens of this country need and want a partner it can trust, with profit numbers that are just, with explanations that can stand on their own.  ExxonMobil has faltered in each of these areas.  It always seems to be to the massive disadvantage of this country.  Citizens need and want auditors that work for them, produce for them, and do justice for them.  A 50:50 profit share that rewards one side with US$12.5B and the other with a mere US$2.5B should be treated as more than a mistake.  It goes beyond the realm of auditing.  It lands in the field of a different kind of probing and enforcing.

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• Editorial, ExxonMobil, ExxonMobil financials, Guyana Oil

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