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Exxon Mobil (NYSE:XOM) said Tuesday its oil-producing consortium in Guyana with partners Hess (HES) and CNOOC (OTCPK:CEOHF) posted a 64% surge in FY 2024 profit to $10.4B.
Guyana accounted for $4.7B of Exxon’s (NYSE:XOM) total 2024 adjusted earnings of $33.46B, Hess’ (HES) profit in Guyana rose to $3.1B last year from $1.9B in 2023, while CNOOC’s (OTCPK:CEOHF) profit climbed to $2.5B profit from $1.5B, the companies’ individual reports showed.
The group’s expenses in Guyana rose 42% to $4.9B in 2024, for a $12.8B profit before taxes, Exxon (XOM) also said.
The consortium’s Q1 oil production rose 3% Y/Y to 631K bbl/day, and is expected to surpass 900K bbl/day once the companies complete the installation of a fourth production vessel that arrived in Guyana’s waters in February.