By Antonio Dey | HGP Nightly News|
GEORGETOWN, GUYANA — Showcasing its ability to successfully navigate global market volatility through rapid scale expansion, ExxonMobil Guyana Limited (EMGL) generated an impressive GY$1.71 trillion (approximately US$8.1 billion) in gross revenue for the 2025 financial year.
The audited financial results, presented at the company’s Ogle headquarters by Vice President and Business Services Manager John Colling, demonstrate how massive offshore volume acceleration successfully cushioned the company’s balance sheet against a steep drop in international crude prices, which plummeted from a 2024 average of US$82 per barrel to US$68 per barrel in 2025.
Driven by this robust cash generation across the Stabroek Block, EMGL closed the fiscal year with an operating profit before tax of GY$1.21 trillion, yielding an after-tax net profit of GY$982.5 billion. While net earnings slipped slightly below the record GY$995.1 billion achieved in 2024 due to a softer pricing environment, the figures solidify Guyana’s ranking as one of the most profitable and fastest-growing offshore energy frontiers on Earth.
The primary catalyst anchoring the company’s volume surge was the successful start-up and integration of the ONE GUYANA Floating Production, Storage, and Offloading (FPSO) vessel, the fourth and largest production hull deployed to the Yellowtail development field. Having achieved its historic first oil on August 8, 2025, the mega-vessel rapidly ramped up operations, adding just under 191,000 barrels per day to the country’s collective output during the second half of the year, pushing total Stabroek Block output past the daily milestone of 900,000 barrels.
“In 2025, ExxonMobil had a very strong year, underpinned by strong operational performance,” Colling explained to reporters, outlining the physical scale of the operations. “The overwhelming factor was lower oil prices in 2025 versus 2024… In fact, volumes were up with the startup of ONE GUYANA.”
To illustrate this sheer operational acceleration, Colling disclosed that EMGL successfully completed 102 crude oil lifts from its allocated share of Stabroek Block production in 2025, a significant step up from the 88 lifts managed in 2024. Overall, when factoring in the entitlements of consortium co-venturers Hess (30%) and CNOOC (25%) alongside the Government of Guyana’s profit oil entitlement, the domestic sector executed a staggering 260 total lifts across the four operating hulls—the Liza Destiny, Liza Unity, Prosperity, and ONE GUYANA.
EMGL 2025 Financial Performance & Operating Metrics
- Gross Revenue: GY$1.71 Trillion (US$8.1 Billion)
- Net Profit After Tax: GY$982.5 Billion (Slight dip from GY$995.1 Billion in 2024)
- Audited Capital Expenditure: GY$720 Billion (US$3.45 Billion invested in property, plant, and heavy marine equipment)
- Income Tax Expense: GY$231.6 Billion (Deemed paid on behalf of the company under the statutory terms of the 2016 Production Sharing Agreement)
- Stabroek Cost Bank Status: Of the more than US$55 billion in cumulative exploration and development expenses incurred since inception, the operator group has recovered more than US$51 billion, leaving approximately US$4.5 billion outstanding as of 2026.
The financial dockets also highlighted a major structural shift in asset management strategy. To optimize its long-term cost profile, ExxonMobil finalized a landmark US$2.32 billion transaction with Dutch builder SBM Offshore to purchase the ONE GUYANA FPSO outright ahead of its maximum lease expiration date. This transition from leasing to direct asset ownership—mirroring previous buyouts of the Destiny and Prosperity vessels—is engineered to sharply reduce ongoing marine operational lease expenses over the coming decades.
Pivoting to long-term environmental and fiscal governance obligations, Colling revealed that EMGL has formally approved a substantial asset retirement obligation exceeding GY$100 billion. The company is locked in ongoing, technical consultations with the Ministry of Natural Resources to establish a formalized, ring-fenced decommissioning fund that aligns seamlessly with modern international best practices.
Looking toward the near horizon, the company projects its near-term baseline to comfortably hover around 1.3 million barrels per day as the Tilapia and Redtail fields advance, keeping the operator firmly on track to hit an industry-leading capacity of 1.7 million barrels of oil per day by 2030. Under the existing 2016 Production Sharing Agreement (PSA), which splits profit oil equally after a maximum 75% cost recovery deduction, annual direct revenues to the Government of Guyana’s Natural Resource Fund (NRF) are projected to exceed US$10 billion by 2030.
Despite these glowing balance sheets, the rapid expansion continues to trigger intense debate from prominent civic and academic watchdogs. Outspoken industry critics, including economics professor Kenrick Hunte and former EPA Director Dr. Vincent Adams, have renewed calls for aggressive state oversight. They argue that the lopsided 6-to-1 ratio of oil consortium profits relative to the state’s immediate take highlights an urgent need for stronger governance, ring-fencing provisions, and strict real-time auditing meters to ensure the Guyanese public extracts the absolute maximum long-term benefit from their sovereign resources.
