ExxonMobil Guyana Reports Over $1.2 Trillion in Operating Profit for 2024
Tiana Cole | HGP Nightly News.
GEORGETOWN, GUYANA – ExxonMobil Guyana has reported a staggering $1.2 trillion in operating profit before tax for the year 2024, according to its recently released annual report. This represents a 66.7% increase compared to 2023, primarily driven by increased production in the Stabroek Block.
During a press briefing on Tuesday, ExxonMobil Guyana’s Vice President and Business Services Manager, John Cullen, explained that the Prosperity FPSO coming online and increased production volumes were key contributors to the revenue boost.
“Esso Exploration and Production Guyana Limited generated $1.7 trillion GYD in revenue, up about 60% from the prior year,” Cullen stated.
He added that the financials were prepared in accordance with International Financial Reporting Standards (IFRS) and reflect revenues inclusive of cost recovery, as outlined in the Stabroek Production Sharing Agreement (PSA).
Cullen noted that while a significant portion of revenue continues to be allocated for cost recovery, ExxonMobil Guyana and its consortium partners have invested over US$40 billion to date, of which only US$33 billion has been recovered.
“Once cost recovery is complete, a larger share of the revenue will be distributed as profit oil, which is shared between ExxonMobil and its partners and the Government of Guyana,” he said.
By the end of the decade, the company anticipates that the **Government of Guyana could receive as much as US$10 billion annually in profit from oil and royalty, equivalent to over GYD 2 trillion per year.
Cullen also reported that since oil production began in late 2019, approximately US$6.22 billion has been deposited into Guyana’s Natural Resource Fund, including US$2.6 billion in 2024 alone.
