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Guyana’s oil helped Exxon secure highest first-quarter profits in 24 years – US$11.4B
Kaieteur News – ExxonMobil Corporation’s Chairman and Chief Executive Officer (CEO), Darren Woods disclosed yesterday that the American oil giant secured a record breaking first quarter earnings for 2023 totalling US$11.4B. Woods said this was no doubt boosted by prime oil projects in Guyana and the USA. He also said the strong financial performance is a reflection of Exxon’s lean cost and execution efficiencies.
During his company’s earnings call, Woods said, “Following a record year, ExxonMobil delivered the highest first-quarter earnings in our history even as energy prices and refining margins moderated from the fourth quarter. This ongoing success reflects the hard work of our people, executing our strategic priorities, and fully leveraging our competitive advantages.”
ExxonMobil Chairman, Darren Woods
Through investments in advantaged assets such as Guyana and the USA and cost and operating discipline, Woods said his company was able to deliver the structural earning improvements outlined in its Corporate Plan Update last December, and expand the energy supplies needed to meet growing global demand.
Compared to the first quarter of 2022, Woods said the company added about 300,000 oil-equivalent barrels per day to global supply, primarily from a 40% increase in production from Guyana where two ships are in operation as well as increased production in the Permian Basin.
He said the increase more than offset divestments and the expropriation of Sakhalin-1 well operations in Russia, which it no longer accounts for, but which, importantly, remains part of global supply.
In Guyana, Woods said he was pleased to announce that the company reached final investment decision for Uaru, the fifth offshore project, which will bring on even more production from this low-cost, low–carbon intensity resource. He said Uaru will provide an additional 250,000 barrels per day of gross capacity, with startup targeted for 2026. That project is also expected to cost some US$12.7B.
He also noted that the floating production, storage, and offloading vessel for Payara is on site, and well ahead of schedule. He noted that last year, the company pulled the Payara start-up date forward from 2024 to 2023 and expect the project to be up and running in the fourth quarter.
Payara, as this newspaper understands, will add another 220,000 barrels of gross capacity and will be the third consecutive FPSO to start production ahead of schedule. It will also work alongside the Liza Destiny and Liza Unity vessels which are producing approximately 380,000 to 4000 barrels of oil per day.
Taking the foregoing data into account, Woods said, “You can see that our underlying performance remains rock-solid, and well ahead of our competition, reflecting the many improvements we’ve made over the last six years and, of course, the hard work of our people.”
Woods added, “I’m extremely proud to lead a company made up of so many talented men and women committed to finding innovative solutions, meeting society’s greatest needs. As our results demonstrate, we’ve built a strong portfolio of advantaged businesses that are better leveraging the synergies of our integrated businesses, our scale and, increasingly, our unique technical capabilities.”
When combined with the strength of its balance sheet, Woods boasted that Exxon has the capability to win across a wide variety of market conditions and deliver strong returns while meeting the evolving needs of society, including the need to reduce emissions.
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