ExxonMobil Guyana reports US$2.9 billion in 2023 profit

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Kemol King
Kemol King is an independent journalist with six years of experience in Guyana's media landscape, contributing to OilNOW on a freelance basis. He covers the oil & gas sector and its impact on the country's development.

ExxonMobil Guyana reported comprehensive income (profit) of GY$614.6 billion (US$2.9 billion) in 2023. This is a 6% increase from the company’s GY$577.7 billion (US$2.75 billion) 2022 profit. 

Table shows ExxonMobil’s statement of profit in 2022-2023

Exxon also recorded a 47% increase in equity from GY$1.49 trillion (US$7.09 billion) in 2022, to GY$2.2 trillion (US$10.45 billion). 

Vice President and Business Services Manager, Phil Rietema, discussed the company’s 2023 financial statements with Guyanese reporters at a June 6 meeting. “We are financially strong and we’re getting stronger year after year as we continue to invest in profitable projects,” the official said.

ExxonMobil Guyana’s Vice President and Business Services Manager, Phillip Rietema

The company will occupy a new US$160 million headquarters due for completion this year at Ogle, East Coast Demerara.

ExxonMobil is the operator of the Stabroek Block, a prolific asset offshore Guyana, where it has discovered more than 11 billion barrels of oil equivalent, including 17 trillion cubic feet of natural gas. Exxon has a 45% stake in the block, alongside Hess (30%) and CNOOC (25%). The group has committed more than US$50 billion to develop six approved oil developments. At three of those projects, oil production is more than 600,000 barrels per day (b/d). The remaining projects are on track to take production capacity to 1.3 million b/d by 2027.

ExxonMobil is also undertaking exploration activities in the Stabroek Block to boost its reserves ahead of the expiry of its exploration agreement in 2026. The company is expected to relinquish 20% of the 6.6-million-acre block later this year, in accordance with its petroleum agreement. 

The Stabroek Block co-venturers are considering new projects, including a potential standalone gas development strongly urged by the Guyana government. A non-associated gas project is in the works, expected to start in 2025. It is mainly to supply gas for domestic power generation and sell gas products to neighbors.

ExxonMobil’s financial statements were prepared in accordance with International Financial Reporting Standards. They utilized a rate of exchange of US$1 = GY$210.45468.

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