ExxonMobil announced on Friday that its net production reached the highest level in more than 40 years in 2025, with Guyana a central contributor as the company reported full-year earnings of US$28.8 billion.
Net production averaged 4.7 million oil-equivalent barrels per day (b/d) for the year. Output from Guyana exceeded 700,000 gross b/d, setting an annual record. In the fourth quarter, Guyana production approached 875,000 gross b/d, helping lift quarterly net production to 5.0 million oil-equivalent b/d.
In the company’s earnings report released this morning, Darren Woods, Chairman and Chief Executive Officer, said, “ExxonMobil is a fundamentally stronger company than it was just a few years ago, and our 2025 results demonstrate that.”
He said the company is “capturing more value from every barrel and molecule we produce and building growth platforms at scale; creating a long runway of profitable growth through 2030 and beyond”.
Upstream earnings totaled US$21.4 billion, down from US$25.4 billion in 2024. ExxonMobil said weaker crude realizations, lower base volumes from divestments, and higher depreciation reduced earnings, while advantaged volume growth in Guyana and the Permian Basin and structural cost savings provided partial offsets.
Guyana remained one of ExxonMobil’s core advantaged assets, alongside the Permian and LNG, which together represented 59% of total production in 2025, up about seven percentage points from the previous year.
The company said it advanced three major developments during the year, including Yellowtail, the fourth and largest offshore development in Guyana. ExxonMobil said Yellowtail started up four months ahead of schedule in the third quarter and was delivered under budget.
ExxonMobil reported full-year cash flow from operations of US$52.0 billion and free cash flow of US$26.1 billion. It also said cumulative structural cost savings reached US$15.1 billion since 2019, including US$3.0 billion achieved in 2025.
ExxonMobil holds a 45% interest in Guyana’s Stabroek Block. Hess holds 30%, while CNOOC holds 25%.
