ExxonMobil’s oil operations offshore Guyana earned it US$4.73 billion in profit last year. That accounted for nearly one in every seven dollars, or 14.04%, of the company’s global profit of US$33.68 billion in 2024, up from just US$0.63 billion (2.73%) in 2021, according to financial data reviewed by OilNOW. Though Guyana contributed only 2.35% of Exxon’s global revenue last year (US$8.23 billion out of a global US$349.59 billion), the disproportionate share of profit shows the South American nation’s growing strategic importance to the U.S. oil giant.
Exxon began oil production offshore Guyana in December 2019 and has since brought three projects online: Liza 1, Liza 2, and Payara. Output has surged, with government data showing average production of 626,000 barrels per day (b/d) in the first four months of 2025. A fourth project, Yellowtail, is expected to start up in August, lifting production capacity to over 900,000 b/d.
Even as revenue remains a relatively small part of Exxon’s global earnings, Guyana has become a major driver of profitability. The country’s share of global profit rose more than fivefold between 2021 and 2024, while its share of revenue merely doubled, from 0.97% to 2.35%.
This disparity points to significantly higher margins in Guyana compared to Exxon’s operations elsewhere. The reasons include:
- Low breakeven prices: Liza 1 operates at US$35 per barrel, Liza 2 at US$25, Payara at US$32, and Yellowtail at US$29.
- Attractive fiscal terms: Exxon and its partners can recover up to 75% of oil produced annually to cover costs, pay a 2% royalty, and split remaining profit oil 50-50 with the government.
- High-quality crude: Guyana’s light to medium, sweet crude is prized on global markets for its refining efficiency.
With five additional projects in the pipeline — Yellowtail, Uaru, Whiptail, Hammerhead, and Longtail — Exxon expects to triple its output capacity in Guyana by 2030. The combined production capacity of these eight sanctioned projects is projected to reach nearly 2.2 million barrels of oil equivalent per day (boe/d), including gas and condensate production.
Given these trends, Guyana’s contribution to Exxon’s global profit and revenue is expected to continue rising, bolstering its status as one of the company’s most valuable assets worldwide.
Exxon operates the Guyana Stabroek Block, where all its production operations in the country are located, with a 45% stake. It is partnered with Hess (30%) and CNOOC (25%).
