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Guyana’s newest oil discovery powers Exxon Mobil to record-smashing Q3 profit

The Liza Destiny FPSO (Photo: upstream online)


Exxon Mobil on Friday smashed expectations as soaring energy prices fuelled a record-breaking quarterly profit, nearly matching that of tech giant Apple.

This is majorly due to a boost from Guyana’s two newest offshore oil discoveries within the Stabroek block, at Sailfin-1 and Yarrow-1 Offshore.

There are already more than 30 oil discoveries within the Stabroek Block since 2015.

By the end of the decade, ExxonMobil expects Guyana’s oil production capacity to be more than one million barrels a day.

Exxon Mobil’s $19.66 billion third-quarter net profit far exceeded recently raised Wall Street forecasts as sky-rocketing natural gas and high oil prices put its earnings within reach of Apple's $20.7 billion net for the same period.

As recently as 2013, Exxon ranked as the largest publicly traded U.S. company by market value - a position now held by Apple.

With Russia’s invasion of Ukraine, U.S. exports of gas and oil to Europe have jumped and promise to set all-time profit records for the industry.

The top U.S. oil producer reported a per share profit of $4.68, exceeding Wall Street's $3.89 consensus view, on a huge jump in natural gas earnings, continued high oil prices and strong fuel sales.

"Our investments over the past five years, including through the lows of the pandemic, are really driving our results today," Chief Financial Officer Kathryn Mikells told Reuters.

Exxon banked $43 billion in the first nine months of this year, 19% more than in the same period of 2008, when oil prices traded at a record level of $140 per barrel.

Exxon leads the consortium responsible for all output in Guyana.

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