ExxonMobil Corporation’s Senior Vice President & Chief Financial Officer (CFO), Kathy Mikells recently disclosed that the American multinational is deploying its best technologies and project management capabilities to grow Guyana’s unique assets at an industry leading pace.
Speaking to shareholders during the company’s 2023 first quarter earnings call, Mikells explained that Exxon is taking a multifaceted approach in understanding the basin by simultaneously pursuing exploration, appraisal, and development activities. She also noted that the company recorded two new discoveries in Guyana this quarter, specifically at Fangtooth SE-1 in January and the Lancetfish-1 in April, both on the Stabroek block.
Mikells also noted that the Liza Destiny and Liza Unity FPSOs “are producing at rates above the investment basis.” With these results, the CFO said the multinational is clearly demonstrating the importance of integrating technology and project management expertise.
Stabroek Block produced 378,000 bpd in first quarter of 2023 | OilNOW
Compared to the first quarter of 2022, she said Exxon added about 300,000 oil equivalent barrels per day to global supply, partly driven by 40% production growth in Guyana. Mikells said this more than offset the impact of its divestments and the expropriation of Sakhalin-1 in Russia, with overall production volume up 160,000 oil-equivalent barrels per day.
In Guyana, Mikells also noted that the company achieved an average gross production rate of about 375,000 barrels per day in the first quarter from its Liza Phase 1 and Phase 2 developments, which continue to demonstrate excellent operating performance. By the end of 2027, she said Exxon is targeting to have its 6th FPSO online, increasing total gross production capacity to over 1.2 million barrels per day.
Clear line of sight for Stabroek Block to hit 1.3 million bpd by 2027 | OilNOW
For the 2023 first quarter, the CFO proudly noted that Exxon generated US$11.4 billion of free cash flow and deployed revenues in line with its capital allocation priorities. These include investing in competitively advantaged high-return projects such as those in Guyana and maintaining a strong balance sheet.
The CFO said the company remains focused on sharing its success with shareholders through more consistent share repurchases and a growing dividend.
