ExxonMobil projects continued growth in Guyana oil after $55 billion investment recovery

During its Q2 2026 earnings call, Exxon Mobil CEO Darren Woods said the company is “not done yet” in Guyana and sees a bright future for the offshore Stabroek Block. The oil major reported $14.5 billion GAAP earnings and $14.7 billion adjusted earnings, with upstream earnings of $7.9 billion GAAP and $9.19 billion adjusted – the highest in more than two decades. Production from the block reached roughly 900,000 barrels per day, supported by four FPSOs and a fifth, the Errea Wittu, which is sailing to start up by year‑end, adding about 250,000 bpd capacity.

Exxon Mobil also announced it has fully recovered the $55 billion it invested in the Stabroek Block, thanks to rapid project execution, lower costs and high oil prices. The recovery means a larger share of future oil revenues will flow to the Guyanese government under the 2016 production‑sharing agreement, which allows up to 75 % of gross revenues to recoup costs. Co‑venturers Hess and China National Offshore Oil Corp (CNOOC) are part of the partnership.