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Exxon says total assets in Guyana pegged at $3.9 trillion
The Prosperity FPSO vessel
Kaieteur News – ExxonMobil Guyana (EMG) said it continues to make substantial investments in Guyana, with total assets increasing 18% to GY$3.9 trillion.
This was stated in the company’s Annual Report for 2024 released last week to the local media. According to the company through year-end 2024, EMGL and its Co-Venturers have invested more than GY$8 trillion in the Stabroek block and have committed to invest an additional GY$5 trillion through 2028.
“With continued reliable operations of the Destiny, Unity and Prosperity FPSOs, gross production increased by 58% and revenues increased by 56% versus 2023, despite lower oil prices,” the release noted. According to the oil company with growing production, the Government lifted approximately 28 million “Profit Oil” barrels, and when combined with a 60% increase in cash royalty payments, delivered approximately GY$537 billion to the Natural Resource Fund – a new annual record. Exxon said these highlights underscore its strong financial position to meet its ongoing obligations to the Government and People of Guyana.
This newspaper reported last week that the subsidiary of Exxon Mobil Corporation in 2024 recorded an operating profit before taxation of almost US$6B. Explaining the financial performance of the oil company was the newly appointed Business Services Manager, John Colling. He was keen to note that the increase in the company’s profits was primarily due to the startup of the third Floating Production Storage and Offloading vessel (FPSO), Prosperity, which commenced production activities in November 2023 but reached maximum capacity in January 2024.
Colling noted, “In 2024, ExxonMobil Guyana Limited generated $1.7 trillion (GYD) in revenue, which is up about 60% from the prior year and that’s really driven by the Prosperity FPSO coming online and higher production volumes.”
Similarly, the Business Services Manager said the company’s net income also increased to $995B (GYD) in 2024, compared with $615B (GYD) recorded in 2023, as a result of the addition of the Prosperity vessel. Additionally, the startup of the vessel also accounted for an increase in production costs in 2024 which totaled $61.3B, compared with only $41.1B in 2023.
Exxon reported a tax expense of $260,155,788,763 (GYD) and $995,144,810,603 (GYD) as its total comprehensive income for the year. It is important to note that the company, in accordance with the provisions of the 2016 Production Sharing Agreement (PSA) is exempted from paying taxes. As such, it could be accurately concluded that the company’s profits for the year totaled $1,255,300,599,366.
The 2024 Annual Report indicated that the exchange rate at the end of the financial period was US$1 = G$210, hence Exxon recorded US$5,977,621,901 as operating profit before taxation. In 2024, ExxonMobil produced approximately 652,000 barrels per day (kbd). During the period, Liza Destiny produced approximately 157 kbd, Liza Unity 246 kbd and Prosperity 249 kbd.
President of EMGL, Alistair Routledge in the report said reflecting on 2024 fills him with both pride and gratitude for the collective efforts that have culminated in what has been described as “one of the most remarkable success stories” globally. He was keen to note, “Our journey in Guyana is just beginning, poised to further transform the country and its economy, bringing significant and broad benefits to its citizens…We have consistently grown production year-over year since the first oil production milestone in 2019. As a result, Guyana is now one of the largest oil producers per capita in the world, and it boasts the world’s fastest-growing economy.”
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