ExxonMobil Guyana Reports Record G$1.2 Trillion Profit in 2024

ExxonMobil Guyana Reports Record G$1.2 Trillion Profit in 2024

ExxonMobil Guyana has announced an operating profit before tax of over G$1.2 trillion for 2024, marking a 66.75% increase compared to the previous year. The company’s net income reached G$995.1 billion, up from G$614.5 billion in 2023.

Total revenue for the year was G$1.732 trillion, a significant rise from G$1.108 trillion in 2023. John Colling, Vice President and Business Services Manager, attributed this growth to increased production from the Stabroek Block, particularly with the Prosperity FPSO coming online.

“We generated G$1.7 trillion in revenue, up about 60% from last year, driven by higher production volumes,” Colling stated. ExxonMobil and its partners produced over 650,000 barrels of crude per day by the end of 2024, with the Prosperity FPSO contributing approximately 249,000 barrels per day.

Despite a drop in exploration costs to G$22.7 billion from G$55.4 billion in 2023, production costs rose to G$61.2 billion, up from G$41.1 billion. In terms of expenses, depreciation and amortization accounted for G$301.8 billion, an increase from G$182.4 billion in 2023. The company also paid over G$34.1 billion in royalties to the Government of Guyana.

Colling emphasized that the financial report follows International Financial Reporting Standards (IFRS) and includes revenue from cost recovery outlined in the Stabroek Block Petroleum Sharing Agreement (PSA).

“Currently, a significant portion of revenue is allocated to cost recovery. ExxonMobil and its partners have invested US$40 billion to date, recovering US$33 billion so far. Once all costs are recovered, more revenue will be available for profit oil sharing,” he explained.

Under the PSA, operators can recover up to 75% of costs, with the remainder split 50/50 between ExxonMobil and the Government, which also receives a 2% royalty. Since the start of production in late 2019, approximately US$6.2 billion has been paid into Guyana’s Natural Resource Fund, including US$2.6 billion in 2024 alone.

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