Last Updated on Tuesday, 9 June 2026, 22:34 by Writer
ExxonMobil Guyana on Tuesday said it recorded a gross profit last year of US$5.7 billion, largely due to higher overall production by the FPSO (floating production storage and offloading) vessel, One Guyana.
ExxonMobil Guyana’s Vice President and Business Services Manager John Colling said after paying GY$231 billion (US$1.1 billion) in income tax, the company yielded GY$982 billion (US$4.6 billion) of earnings or comprehensive income for 2025, “which is largely consistent” with 2024.
The company uses an exchange rate of US$1.00 = GYD$210.00.
“That was driven by higher production from One Guyana in 2025, with One Guyana coming online, offset by the lower crude oil prices in 2025 versus 2024,” Mr Colling told a news briefing on the company’s financial performance for last year.
That FPSO, with a name-plate capacity of 250,000 barrels per day, began production in August 2025.
According to the financial report, crafted in keeping with International Financial Reporting Standards (IFRS), was submitted to Guyana’s Companies Registry on Tuesday, the local subsidiary earned overall GY$4.7 trillion (US$22.3 billion) last year, an accomplishment Mr Colling described as “strong operational performance.”
The average Brent crude price was US$82 per barrel in 2025 versus US$68 a barrel in 2024.
The top ExxonMobil official said since his company and co-venturers China National Offshore Oil Corporation and Chevron started producing oil in December 2019 and up to end of 2025, Guyana has collected GYD$1.7 trillion (US$8.7 billion) in profit oil and royalties. “This points to the fact that the contract is doing what it was designed to do: deliver profit oil and revenues to the government without incurring any investment expense,” he said.
The Bank of Guyana’s Natural Resources Fund report states that from March 2020 to mid December, 2025, a total of US$8,521,242,524.96 was deposited.
Between May, 2022 and March, 2026, the Guyana government has transferred US$6 billion to the Consolidated Fund for public spending.
Meanwhile, the ExxonMobil Guyana Vice President said due to a spike in global oil price the company remained optimistic about recovering, during the second half of 2026, the remaining US$4.5 billion that was invested in the seven projects that were approved up to end of 2025.
He said so far the company has recovered US$51 billion of the US$55 billion in cost oil from the 75% in the profit sharing agreement.
The remaining 25% in profit oil is split evenly between the Guyana government and the co-venturers in the Stabroek Block.
The projects approved up to 2025 are Liza 1, Liza 2, Payara, Yellowtail, Uaru, Whiptail and Hammerhead.
Looking ahead, Mr Colling said the Guyana government’s annual profit oil payments are set to reach GY$2 trillion (US$10 billion) dollars by December 2029.
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