Texas-based oil major ExxonMobil, operator of Guyana’s Stabroek Block ranks number one on global charts for June 2024, based on market capitalization among the top oil companies in the United States.
Market capitalization, sometimes referred to as market cap, is the total value of a publicly traded company’s outstanding common shares owned by stockholders.
Exxon’s ranking is based on data from Statista for June 2024’s top oil-producing companies globally.
Aside from the company’s early years of commercial oil production, it has expanded to become one of the world’s largest companies in the sector. The energy firm landed the top spot by securing US$497.62 billion, a US$213.4 billion leap ahead of its counterpart Chevron which secured US $284.22 billion in second place.
Graph from Statista depicting the top twelve global oil companies for June 2024 in the United States.
Chevron, which made a US$53 million merger deal with Hess Corporation, could potentially see the company taking over Hess’s 30% stake in Guyana’s Stabroek Block.
Exxon in April announced its US$8.2 billion, or US$2.06 per share earnings from its global operations for the first quarter of 2024. Slightly falling short of their US$8.7 billion, or US$2.20 per share projections.
Exxon along with the Stabroek Block co-venturers Hess and CNOOC have decided to forge ahead with its investment decision in the sixth developmental project – Whiptail, valued at US$12.7 billion. Whiptail is expected to add an approximate capacity of 250,000 barrels per day (b/d) by the end of 2027. It will feature up to 48 production and injection wells and up to 10 drill centers.
In addition, Hammerhead was selected as the seventh development in Guyana’s Stabroek Block.
Schlumberger, which supports Guyana’s oil and gas operations by providing reservoir characterization technology and solutions ranked number five on the chart with US$63.91 billion.
Exxon holds a 45% interest in the Stabroek Block. Hess holds 30%, while CNOOC holds a 25% interest.
