ExxonMobil Guyana Reports Record GUY$614.6 Billion Profit for 2023

The content originally appeared on: News Americas Now

News Americas, New York, NY, Fri. June 7, 2024: ExxonMobil Guyana Limited (EMGL), the operator and one of the coventurers in the prolific Stabroek Block offshore Guyana, has reported a net profit of GUY$614.6 billion (One Guyana dollar = US$0.004) at the end of 2023.

This profit comes as the country’s revenue for the year surpassed $1 trillion, with total operating expenditures pegged at $356.1 billion. Revenues refer to the income the company generates, while operating expenditures represent the company’s expenses and responsibilities.

Exxon’s financials were shared with the media on Thursday during an engagement at the company’s office. The company’s Vice President and Business Services Manager, Phillip Rietema, told reporters that ExxonMobil Guyana continues to reinvest much of its earnings into expanding production in Guyana. Still, last year’s financials are a positive sign for the company.

“2023 was another profitable year, reflecting the building on the success of prior years,” Rietema said.

Last year, the company earned $577.7 billion in profits, up from $132 billion in the previous year, which was the first year the company made a profit in Guyana. 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, approximately GUY$7.5 trillion. CNOOC and Hess, the other coventurers in the block, have separate financial figures.

Save 50.0% on select products from QQCherry with promo code 501CYICA, through 6/5 while supplies last.