News Americas, New York, NY, June 4, 2025: Guyana’s booming oil industry continues to break records, as the ExxonMobil-led consortium reported a massive 64% surge in 2024 profits, totaling $10.4 billion from operations in the South American nation. The figure highlights Guyana’s transformative role in global energy markets and its position as a top-tier oil-producing frontier.
ExxonMobil alone earned $4.7 billion of its total $33.5 billion in 2024 from Guyana, the company confirmed this week, while partners Hess Corporation and China’s CNOOC reaped $3.1 billion and $2.5 billion respectively – significant jumps from the previous year.
The group’s output reached 652,000 barrels per day (bpd) in the fourth quarter, thanks to key upgrades at floating production facilities. With a fourth production vessel arriving in February and more installations underway, Guyana’s oil output is projected to exceed 900,000 bpd soon, with long-term plans aiming for 1.7 million bpd by 2030.
“This performance showcases the scale of opportunity that Guyana represents,” said an Exxon executive, pointing to the country’s strategic positioning, rapid production growth, and investor-friendly environment with relatively low royalties and taxes.
While consortium expenses in Guyana rose by 42% to $4.9 billion last year, the pre-tax profit reached an impressive $12.8 billion—solidifying Guyana’s status as a cornerstone in the partners’ global portfolios.
As pressure mounts to secure natural gas and diversify energy strategies, Exxon and its partners are also exploring new developments to quantify and utilize Guyana’s gas reserves.
With this continued momentum, Guyana and its neighbors are firmly on track to become one of the world’s last great oil frontiers—offering robust returns while fueling national development.
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