ExxonMobil’s 2023 profit in Guyana at $614 billion; revenues go past $1 trillion

ExxonMobil Guyana Limited (EMGL), the operator and one of the coventurers in the prolific Stabroek Block offshore Guyana, netted $614.6 billion in profits at the end of 2023.

And that profit comes as the company’s revenue for the year went past $1 trillion ($1.1 trillion, to be exact) and its total operating expenditures have been pegged at $356.1 billion.

Revenues refer to the amount of income the company generates while the operating expenditures, in simple terms, are the company’s expenses and responsibilities.

Exxon’s financials were shared with members of the media on Thursday, during an engagement at the company’s Kingston, Georgetown office.

The company’s Vice President and Business Services Manager, Phillip Rietema told reporters that ExxonMobil Guyana continues to reinvest much of its earnings into expanding production in Guyana. Still, last year’s financials are a good sign for the company.

“2023 was another profitable year,

“It’s reflective of building on the success of prior years,” Rietema said.

Last year the company raked in $577.7 billion in profits; the year before- the first year the company made a profit in Guyana, it got $132 billion in profits. And Rietema explained that the increased revenues and profits were as a result of higher production from the oil platforms operating offshore.

Globally, ExxonMobil’s profit was US$36 billion or about GY $7.5 trillion

CNOOC and Hess, the other coventurers in the block, have separate financial figures.