GEORGETOWN, Guyana - ExxonMobil Guyana Limited (EMGL), the operator and one of the coventurers in the prolific Stabroek Block offshore Guyana, netted GUY $614.6 billion (One Guyana dollar=US$0.004 cents) in profits at the end of 2023.
This profit comes as the country’s revenue for the year went past $1 trillion 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 the media on Thursday, during an engagement at the company’s office here
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.
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 approximately GUY$7.5 trillion
CNOOC and Hess, the other coventurers in the block, have separate financial figures.
