With prime assets in Guyana and the Permian Basin supporting a multi-billion dollar balance sheet each quarter, Chief Executive Officer (CEO) and Chairman of ExxonMobil Corporation, Darren Woods said his company’s performance remains rock-solid and well ahead of the competition.
During his 2023 first-quarter earnings call remarks on Friday, April 28, the Exxon Chief said his company secured a record-breaking income totalling US$11.4 billion. Woods said this is reflective of the many improvements made regarding key investments across its portfolio as well as structural cost controls implemented over the last six years. “As our results demonstrate, we’ve built a strong portfolio of advantaged businesses that are better leveraging the synergies of our integrated businesses, our scale and, increasingly, our unique technical capabilities,” the official said.
In Guyana, Woods noted that the floating production, storage, and offloading vessel for Payara is on site, and well ahead of schedule. He recalled that last year, the company pulled the Payara start-up date forward from 2024 to 2023. He said Exxon expects the project to be up and running in the fourth quarter.
Woods further noted that Payara will add another 220,000 barrels of gross capacity and will be the third consecutive FPSO to start production ahead of schedule. Notably, Payara will be operating alongside the Liza Destiny and Liza Unity FPSOs, thereby taking Guyana’s total production beyond 600,000 barrels of oil per day.
In the Permian, Woods said Exxon is expanding the overall processing capacity of the Cowboy Central Delivery Point by more than 50%. Cowboy is already one of the largest oil and natural gas handling facilities in the Permian Basin, and the expansion will boost processing capacity to about 300,000 barrels per day of oil, and 400 million cubic feet per day of natural gas.
Woods said these projects, along with others in its portfolio provide a strong foundation for sustained, industry-leading performance.
He also assured shareholders that the company will remain ahead of its competitors as it has a diverse portfolio of advantaged businesses.
