ExxonMobil’s 2024 profit in Guyana nears G$1 trillion

ExxonMobil Guyana Limited (EMGL), the operator of the lucrative Stabroek Block offshore Guyana, earned G$995.1 billion in profits at the end of 2024.

This was revealed in the company’s income statement for last year. It was also noted that EMGL generated about G$1.7 trillion in revenues.

Revenues refer to the amount of income the company generates, while the operating expenditures, in simple terms, are the company’s expenses and responsibilities. At the end of 2023, the company earned G$1.1 trillion in revenues and $614 billion in profits.

Exxon’s financials were shared with members of the media on Tuesday, during an engagement at the company’s Kingston, Georgetown office. John Colling, EMGL’s Vice President and Business Services Manager, said the increased revenue “is definitely in line” with the company’s financial projections given the increase in oil production in the Stabroek Block and the “price environment.”

In that engagement, Colling also delved into key aspects of the income statement.

Production costs, for example, increased from G$41.1 billion in 2023 to G$61.3 billion in 2024. This increased spending, he explained, is linked to the arrival of the Prosperity Floating Production Storage and Offloading (FPSO) vessel last year, the third such vessel in the lucrative block offshore.

But it is the Prosperity FPSO, and the additional barrels of oil being produced with that vessel, that also contributed to the company’s increased revenues and profits.

The vessel has an initial production capacity of around 220,000 barrels of oil per day and an overall storage volume of two million barrels. Production from the Prosperity vessel has pushed daily production to some 600,000 barrels a day in 2024. This year, the fourth FPSO named ONE GUYANA arrived in Guyana and will increase oil production here too.

Meanwhile, Exploration costs reduced from G$55.5 billion in 2023 to G$22.7 billion in 2024. Colling said this expenditure decrease was due to fewer wells being deemed non-commercial.

ExxonMobil’s 2023 profit in Guyana at $614 billion; revenues go past $1 trillion