By Svetlana Marshall
ExxonMobil Guyana raked in more than $1.1 trillion in revenue in 2023, according to its just released Annual Report.
The oil giant, according to the report, generated $752.7 Billion in profit before tax, with its total operating expenditures accounting for approximately $356.1 Billion.
The company recorded $614.599 Billion in profit.
The records show that the company paid the Government of Guyana just over $21.9 Billion in royalties.
At the company’s Kingston office today, ExxonMobil Guyana Vice President and Business Services Manager, Phil Rietema told reporters that with the start-up of the Prosperity FPSO in November 2023, gross production increased by 41% and total revenue by 26%, when compared to 2022, despite lower oil prices.
In 2022, the company had generated $876.8B in revenue, while profit after tax stood at $577.712B.
He said undoubtedly 2023 was another profitable year for ExxonMobil Guyana.
“2023, as you can see in the financial statement, was another profitable year. We increased our profit year over year, to around GUY$600B. It is reflective of building on the successes of prior years. As we noted, we brought online, the Prosperity FPSO. We also had a full year of the Unity FPSO, so production was up year over year, and it is profitable production,” Rietema said.
The official explained that ExxonMobil Guyana will continue to make substantial investments in the country.
To date, it has invested over $3 trillion in its operations here, and together with its co-venturers, $6 trillion has been invested in the Stabroek Block.
By 2027, it intends to make an additional investment of $5 Trillion.
“We have been here since 1999, and next week we’ll mark 25 years since we signed the original contract and this year was just the third year of profits over those 25 years. And as we discussed today, we continue to invest heavily in Guyana. ExxonMobil Guyana alone has invested around $3 trillion in the Stabroek Block, with our partners, it is around $6 Trillion, and with future projects that are already approved and committed, that would reach $11 Trillion and we are still exploring and looking for additional development opportunities,” Rietema said.
It was noted too that the company’s assets and equity have also increased significantly, signaling its strong financial position in the country, and its ability to meet its obligations. Assets increased by 44% to $3.2 Trillion.
“We have assets of over $3 Trillion. We have equity of over $2 Trillion. We are financially strong, and we are getting stronger year after year as we continue to invest in profitable projects,” the Vice President said.
The company said with growing production, the Government lifted 17 million barrels of profit oil.
When combined with a 41% increase in cash royalty payments, ExxonMobil said it delivered approximately $338B to the Natural Resource Fund in 2023.
Overall, however, more than $900 Billion has been injected into the Natural Resource Fund since production began in 2019.
By the end of 2023, oil production averaged more than 600,000 barrels of oil per day.
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