ExxonMobil says financial performance strong, to release first time annual report in June


ExxonMobil Guyana says its financial performance continues to be strong with record production recorded in the first part of the year.

Much more on that performance will be known when the company releases its financial statements, expected by the end of June 2023.

And according to Vice President and Business Service Manager for ExxonMobil Guyana, Phillip Rietema, the company will go further to release for the first time an annual report, providing much more details and transparency on its financial performance.

From a government standpoint, Rietema said nearly US$500 million was generated in revenue through royalties and production between January and May, 2023.

This goes directly into the Natural Resource Fund where roughly $500 billion has already been deposited in oil money.

And this year, nearly 30 per cent of the national budget is financed by withdrawals from the fund.

Rietema said he was happy to see Guyana benefiting in this way but did not provide preliminary figures on benefits accrued to the oil giant.

Phillip Rietema, the Vice President and Business Services Manager of ExxonMobil’s local affiliate Esso Exploration and Production Guyana Limited (EEPGL)

He confirmed, however, the company’s commitments to ensuring it is audited to international standards while keeping costs down.

And with responses submitted by ExxonMobil to the findings of the US$7.3 billion audit for 2017 to 2020, the government and the company looks forward to wrapping up the ongoing process of queries soon.

The Chief Financial Officer for the company said there are some disagreements to be expected and it is perfectly normal.

“The audit process is going to have some back and forth… there is another 60-day period where there can be comments back and forth on that and that’s the period, we’re in now,” he told reporters during a press conference on Friday.

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