—as One Guyana FPSO drives higher output as company earns $982.5B in 2025
EXXONMOBIL Guyana Limited generated after-tax earnings of $982.5 billion in 2025, as increased production from the Stabroek Block helped offset a sharp decline in global crude prices that weighed on revenues and profitability.
The company’s audited financial statements for the year ended December 31, 2025, show revenue of $1.71 trillion and operating profit before tax of $1.21 trillion, reflecting another year of strong cash generation from Guyana’s offshore oil operations.
The results were presented on Tuesday by ExxonMobil Guyana’s Vice President and Business Services Manager, John Colling, who said the company’s performance was driven largely by the successful start-up of the One Guyana Floating Production, Storage and Offloading (FPSO) vessel, Guyana’s fourth producing offshore development.
“In 2025 ExxonMobil had a very strong year, underpinned by strong operational performance,” Colling told reporters at the company’s Ogle headquarters.
He noted that while production volumes increased significantly during the year, lower international oil prices prevented a corresponding rise in revenues.
“The overwhelming factor was lower oil prices in 2025 versus 2024. In 2025, the average realization was US$68 per barrel and in 2024 it was US$82 per barrel. In fact, volumes were up in 2025 versus 2024 with the startup of One Guyana,” he said.
The financial statements show revenue declined marginally from $1.73 trillion in 2024 to $1.71 trillion in 2025, while net profit slipped from $995.1 billion to $982.5 billion.
Despite the softer commodity price environment, ExxonMobil continued to expand its investment footprint in Guyana. Capital expenditure reached approximately $720 billion during 2025, while the value of the company’s property, plant and equipment increased from $2.94 trillion to $3.49 trillion.
The company also disclosed future capital commitments of nearly $785 billion, underscoring continued investment in the Stabroek Block’s expanding production base.
Colling said the results demonstrate that the Production Sharing Agreement continues to encourage reinvestment and production growth.
“We continue to reinvest the profits that we’re making here, and the contract is doing what it was incentivized to do, incentivizing reinvestment and increasing production and revenue for all parties,” he said.
“We are delivering industry-leading performance, applying our scale and technology to develop a world-class resource safely and efficiently, which is driving increased profits and revenues for all parties. As Guyana’s energy partner, ExxonMobil remains committed to delivering value for the people of Guyana.”
The impact of the One Guyana project was also evident in operating costs. Production costs rose to $82.2 billion in 2025 from $61.3 billion in the previous year.
According to Colling, the increase was largely attributable to the commissioning and operation of the new FPSO.
“There are a number of items that go into production costs. The key driver was really the startup of the One Guyana. There are some additional costs that are included in there such as research costs and future development but really the key driver is the startup of One Guyana,” he explained.
ExxonMobil’s financial statements show the company generated $1.38 trillion in cash from operating activities during the year and maintained total assets of $3.87 trillion. The company also recorded an income tax expense of $231.6 billion and distributed $463 billion to its head office during the reporting period.
The results come as Guyana’s oil sector continues to expand at one of the fastest rates globally. Production from the Stabroek Block now exceeds 900,000 barrels per day from the Liza Phase One, Liza Phase Two, Payara and Yellowtail developments, with additional projects expected to come online in the coming years.
ExxonMobil is the operator of the Stabroek Block with a 45 per cent interest, while Hess Corporation, now owned by Chevron, holds 30 per cent and China’s CNOOC owns the remaining 25 per cent.
Under the 2016 Production Sharing Agreement, up to 75 per cent of petroleum revenues can be used for cost recovery, with the remaining profit oil shared equally between Guyana and the co-venturers. Guyana also receives a two per cent royalty on production.
While oil prices averaged substantially lower in 2025, recent geopolitical tensions in the Middle East have pushed prices upward.
Asked about the potential impact on Guyana’s offshore operations, Colling said ExxonMobil does not forecast commodity prices but acknowledged that stronger prices generally translate into increased revenues.
Back in March, President of ExxonMobil Guyana, Alistair Routledge had disclosed that GUYANA is set to be securing a significantly larger share of oil revenues from production in the Stabroek Block, as rising global oil prices accelerate the recovery of ExxonMobil’s investment costs.
