The profit of a consortium by oil producers Exxon Mobil, Hess and CNOOC in Guyana increased 64% last year to $10.4 billion, Exxon said on June 3, amid facility updates that allowed a sustained expansion of output.
Because of fast production growth and relatively low government royalties and taxes, Guyana has become a money-making operation for the group's members.
Exxon reported in January that it had total adjusted earnings of $33.46 billion in 2024. Of that amount, $4.7 billion came from Guyana, according to a report on its Guyana operations that was released on June 3.
Hess' profit in Guyana rose to $3.1 billion last year from $1.9 billion in 2023, while CNOOC registered a $2.5 billion profit last year versus $1.5 billion in 2023, according to the companies' individual reports.
The group's expenses in the South American country rose 42% to $4.9 billion in 2024, for a profit before taxes of $12.8 billion, Exxon added.
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