GEORGETOWN, Guyana, CMC—ExxonMobil Guyana Limited (EMGL), the operator and one of the coventurers in the prolific Stabroek Block offshore Guyana, achieved a remarkable net profit of GUY $614.6 billion (One Guyana dollar = 0.004 cents) at the end of 2023, marking a significant growth in the company’s financial performance.
This profit comes as the country’s revenue for the year passed $1 trillion, and its total operating expenditures have been pegged at $356.1 billion.
Revenues refer to the amount of income the company generates, while the operating expenditures, in simple terms, are the company’s expenses and responsibilities.
Exxon’s financials were shared with the media on Thursday during an engagement at the company’s office here.
The company’s Vice President and Business Services Manager, Phillip Rietema, reassured reporters that ExxonMobil Guyana remains committed to reinvesting a substantial portion of its earnings into expanding production in Guyana, a strategy that has proven successful. Last year’s financials are a testament to this.
“2023 was another profitable year, a clear indication of our ability to build on the success of prior years,” Rietema confidently stated, emphasizing the positive trend in the company’s financial performance.
Last year, the company earned $577.7 billion in profits; the year before, the first year the company made a profit in Guyana, it earned $132 billion in profits.
Rietema explained that the increased revenues and profits resulted from higher production from the oil platforms operating offshore.
Globally, ExxonMobil’s profit was US$36 billion or approximately GUY$7.5 trillion. CNOOC and Hess, the other coventurers in the block, have separate financial figures.
and then , the operator and one of the coventurers in the prolific Stabroek Block offshore Guyana){kind=link}