GEORGETOWN, Guyana, CMC – ExxonMobil Guyana Limited (EMGL) reported on Tuesday that it had recorded a significant increase in operating profit before tax, representing a 66.75 percent increase compared to the previous year.
According to its 2024 Annual Report, the company’s net income stood at GUY$995.1 billion at the end of 2024, compared to GUY$614.5 billion in 2023. Overall, the Stabroek Block operator generated GUY$1.732 trillion in revenue in 2024, compared to GUY$1.108 trillion in 2023.
“In 2024, ExxonMobil Guyana Limited generated G$1.7 trillion in revenue, which is up about 60% from the prior year, and that’s driven by the Prosperity FPSO coming online and higher production volumes. And you will see similarly, net income of G$995B driven by, primarily, the Prosperity FPSO,” ExxonMobil Guyana Vice President and Business Services Manager John Colling told a news conference.
He said that the increase recorded is a result of the rise in production in the Stabroek Block.
At the end of 2024, ExxonMobil Guyana, together with its co-venturers in the Stabroek Block, produced more than 650,000 barrels of crude per day. The Prosperity FPSO produced approximately 249,000 barrels of oil per day, while Liza Unity followed closely with 246,000 barrels of oil per day. Liza Unity produced an average of 157,000 barrels of oil per day.
Based on the Financial Report, while the company’s exploration costs dropped to GUY$22.7 billion in 2024, compared to GUY$55.4 billion in 2023, its production costs increased to GUY$61.2 billion in 2024, compared to GUY$41.1 billion in 2023.
In the list of expenses, depreciation and amortization accounted for the most significant chunk, at GUY$301.8 billion, compared to GUY$182.4 billion in 2023. The records show that the company paid over GUY$34.1 in royalties to the Guyana government.
Colling stated that the Financial Report was compiled by the International Financial Reporting Standards (IFRS) and includes revenues generated from costs recovered as outlined in the Stabroek Block Petroleum Sharing Agreement (PSA).
“Currently, a significant portion of the revenue is being allocated to cost recovery. ExxonMobil Guyana and its partners have invested a total of US$40 billion to date but have only recovered US$33 billion, indicating that cost recovery is ongoing.
“In the future, once all of those costs have been recovered, a larger component of the revenue would be available for profit oil for splitting between EMGL and its partners and the Government of Guyana. And we expect that by the end of the decade, the Government of Guyana will be receiving US$10B a year in profit oil and royalty, which is equivalent to G$2 Trillion,” Colling told reporters.
Under the Stabroek Block PSA, the operators can recover costs up to 75 percent, and the remainder, which is considered the profit, is split 50/50 between the operators and the Government. The Guyana government also receives a 2% royalty.
According to Exxon, approximately US$6.2 billion has been paid into Guyana’s Natural Resource Fund since oil production started in late 2019, including US$2.6 billion in 2024 alone.
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