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- Guyana’s oil helps cushion impacts from Middle East disruption – Exxon
Guyana’s oil helps cushion impacts from Middle East disruption – Exxon
(Kaieteur News) – ExxonMobil’s production in the second quarter of 2026 fell short of its total production in the same period last year but its financial performance was cushioned by Guyana’s impressive output, helping the company bag higher profits than the year prior.
This information is contained in the company’s second quarter report, recently filed with the United States Securities and Exchange Commission (SEC).
The company said its profits for the quarter jumped to an unbelievable US$14.5B, despite disruptions in the Middle East affecting production.
ExxonMobil Chairman and CEO, Darren Woods
According to ExxonMobil official reports, “Upstream earnings improved as strong reliability contributed to the highest production in more than two decades, excluding the Middle East disruptions…Middle East disruption impacts (were) mostly offset by Permian and Guyana growth.”
In remarks, Chairman and Chief Executive Officer (CEO) of Exxon, Darren Woods said, “The second quarter was shaped by disruption, but defined by execution. Markets were supportive, but our performance reflected the strength of the portfolio and operating model we have built over many years.”
“As conditions changed, we moved products where they were needed, optimized assets, and supported customers, leveraging our global integrated portfolio. We delivered strong earnings and cash flow, continued investing in advantaged opportunities, returned cash to shareholders, and strengthened the balance sheet. Importantly, we remain committed to further growing advantaged production to help meet the world’s need for reliable energy,” Woods added.
According to its quarterly report, ExxonMobil recorded the highest upstream production in more than two decades, excluding the Middle East disruptions.
The company said it produced a total of 4.51M barrels per day (bpd) during the period.
ExxonMobil is now producing about 870,000 bpd in Guyana’s Stabroek Block. Production is likely to increase by 250,000 bpd before the end of the year as the company expects to usher in a new Floating Production Storage and Offloading vessel (FPSO), Errea Wittu.
The FPSO will develop the resources at the country’s fifth offshore project, Uaru. In its earnings release, Exxon revealed that the vessel is already en route to Guyana and is likely to startup by the fourth quarter of 2026.
Meanwhile, the sixth development, Whiptail was sanctioned in April 2024 while the seventh project, Hammerhead was approved in September 2025.
The US$12.7 billion Whiptail project is anticipated to add 250 kbd by the end of 2027. Additionally, Hammerhead, the company’s US$6.8B development is expected to come online by 2029, producing 150,000 bpd.
In the meantime, ExxonMobil has submitted plans to the GoG to develop two additional projects in Stabroek. In March this year, Exxon’s Country Manager, Alistair Routledge said the company was set to submit a Field Development Plan (FDP) for the eighth project, Longtail to the Ministry of Natural Resources.
Exxon is simultaneously building a ninth project which aims to develop the gas resources in the Haimara discovery.
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