ExxonMobil Guyana Limited (EMGL) reported a profit of US$4.73 billion in 2024, up from US$2.92 billion in 2023. This was revealed today during the company’s report on last year’s earnings, at its Duke Street office in Georgetown.
This 62% jump in profit comes as the company has seen increased production year-on-year at the Stabroek Block, which it operates in partnership with Hess and CNOOC.
John Colling, the company’s Business Service Manager, attributed the jump to the Payara project, which started production in November 2023.
The group made US$10.4 billion in profits in 2024, a 64% increase year-on-year, an aggregation of their financial reports show. The reports, which are prepared in accordance with International Financial Reporting Standards (IFRS), show that the total revenue was US$17.7 billion, but it spent US$4.92 billion and reported taxation of US$2.39 billion last year for their Guyana operations.
Hess profited US$3.1 billion while CNOOC profited US$2.5 billion, both seeing a 67% boost in profit from 2023.
Production jumped from 391,000 barrels per day (b/d) to 616,000 b/d in 2024, and is set to further increase this year as the Yellowtail project comes online.
The group has sanctioned six oil projects and brought three online, with two more for sanction by next year. Exxon targets tripling of output in Guyana in five years and is set to invest tens of billions more by the end of the decade.
