Exxon must deliver half, Guyana must get a real half

Jul 17, 2026 Features / Columnists, The GHK Lall Column

Hard Truths by GHK Lall…

(Kaieteur News) – The time for sparring is over. So, also, is room for dancing around and dodging. A full, accurate, credible 50 percent of oil profits is now due to Guyana. Exxon must be a partner. An authentic partner with accounts that match. The PPP Govt must put aside its own priorities and push for a real half of profits now the right of Guyana. The time is now. Let there be a genuine half that can absorb the weight of any scrutiny. Override the language of all controversies. First, the surrounding facts that overwhelm any arguments, any differences.

From US$55 billion invested, there was US$4.5 billion outstanding for Exxon on 31^st December, 2025. A fact announced by Exxon itself. Fact Two: Conflict between the U.S. and Iran that spread beyond a strategic strait powered oil prices upwards. The conflict began on 28^th Feb, 2026. Up went oil prices. Fact Three: a range of average prices per barrel could be used: US$80, US$70, even US$60 each, and Guyana already would have cleared that US$4.5 billion outstanding at the close of 2025. Fact Four: Guyana has been producing 900,000 barrels of oil daily before 2026 started, has continued at that level for the first six months of this year. Fact Five: operating 24/7, Guyana would have produced 900,000 times 91 days times US$80 a head (and this is for Q2 alone). Fact Six: that is the equivalent of about US$6.5 billion. Fact Seven: I return to Fact One: Guyana owed US$4.5 billion to Exxon on 1^st Jan, 2026.

At this point, everyone is urged (Guyanese and Americans) to note some discretions that I exercised. First, Q1 2026 is ignored. But the US$4.5 billion outstanding should have been gone, or close to eliminated, in that first quarter, considering daily production rates. Second, using a prewar lower average of US$60 per barrel, and a 7-day Exxon operation/production week at 900,000 barrels daily that is US$4.8 billion (900,000 X 89 X US$60). Third, using that lean oil price number (after one full month of war from Feb 28) and 75 percent taken from the top (post royalty), Guyana would have owed Exxon less than US$1 billion when the second quarter commenced. I invite others to challenge, take apart, my arithmetic that hands Exxon money and time on a platter. And to the disadvantage of this country and its peoples.

With the full second quarter of production and higher oil prices behind Exxon’s belt, there is no way that the balance in the cost bank is not history. Gonzo. No mas. Over and out for the count. In other words, what was due to Exxon, that has been honored in full. Therefore, this second quarter is crucial, represents the beginning of a new oil earnings era for Guyana. I call it hard. I charge at it head-on.

Guyana’s half of profits can no longer be half of 25 percent. The half from that 25 percent that is left after 75 percent cost recovery. Whatever cost recovery there had to be, it has been recovered in full. Simply put: no cost recovery, no cost bank. For emphasis and to beat this one to death: no 75 percent to be dealt with means that there is no 25 percent to be contended with, left to be divided. Forget about an average price of US$80 a barrel. At a lower average price of US$70 a barrel in the second quarter, and 900,000 barrels produced daily, that is US$5.6 billion in oil revenues. Exxon and the PPP Govt are now standing over US$5.6 billion for Q2 2026 alone. The sharing now has to be, must be, half for one and the same half for the other from 100 percent of revenues minus operating expenses.

I watch to observe where Exxon stands on this, what it will present to Guyanese. Last, I watch to learn where Guyana’s PPP Govt is, and how it approaches this open-and-shut situation. I exhort both to do justice by the Guyanese people.

(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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Exxon, GHK Lall, Guyana Oil, Oil profit

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