Exxon Mobil’s Robust Fourth Quarter Driven by Guyana Production
Exxon Mobil has reported a strong performance in the fourth quarter, significantly bolstered by increased production in Guyana. The company earned $7.61 billion, or $1.72 per share, for the three months ending December 31, 2024. Adjusted earnings were $1.67 per share, surpassing analysts’ expectations of $1.55 per share. Although revenue totaled $83.43 billion, slightly below the anticipated $87.12 billion, Exxon’s net production reached 4.6 million oil-equivalent barrels per day, marking an increase of 20,000 barrels from the previous quarter. Kathy Mikells, Exxon’s Senior Vice President and Chief Financial Officer, highlighted that over 50% of the company’s 2024 production originated from the Permian Basin, Guyana, and liquefied natural gas. This figure is expected to rise to over 60% by 2030. In December, OPEC+ decided to delay planned production increases due to weaker demand forecasts and competition from non-allied producers. The alliance will now begin these increases on April 1, 2025, with gradual increments continuing until October 2026.
Key Facts:
•Earnings: Exxon Mobil reported fourth-quarter earnings of $7.61 billion, or $1.72 per share.
•Adjusted Earnings: After adjustments, earnings stood at $1.67 per share, exceeding analysts’ expectations of $1.55 per share.
•Revenue: The company’s revenue was $83.43 billion, slightly below the projected $87.12 billion.
•Production Increase: Net production reached 4.6 million oil-equivalent barrels per day, an increase of 20,000 barrels from the previous quarter.
•Guyana’s Contribution: Over 50% of Exxon’s 2024 production came from the Permian Basin, Guyana, and liquefied natural gas, with expectations to exceed 60% by 2030.
•OPEC+ Production Plans: OPEC+ has postponed planned production increases to start on April 1, 202 … , with gradual increments until October 2026, due to weaker demand forecasts and competition from non-allied producers.
Guyana’s role in Exxon’s portfolio continues to grow, contributing significantly to the company’s production and future plans. This development underscores the importance of Guyana in the global energy landscape and its potential for future economic growth.
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This column is part of our ongoing coverage of Guyana’s oil sector development. Please support the Guyana Business Journal and Magazine.
