Guyana’s largest and most critical oil exploration and production partner, ExxonMobil Corporation, announced this morning that it was blessed with yet another quarter of skyrocketing profits which soared to US$17.9B for the April –June 2022 period.
The American oil giant said second-quarter results included a favourable identified item of nearly US$300 million associated with the sale of its Barnett Shale Upstream assets in North Texas. Meanwhile, capital and exploration expenditures were US$4.6 billion in the second quarter and US$9.5 billion for the first half of 2022.
Darren Woods, Chairman and Chief Executive Officer was keen to note that the strong second-quarter results reflect the company’s focus on the fundamentals as well as the investments it put in motion several years ago which were sustained through the depths of the pandemic.
The Chairman said, “Key to our success is continued investment in our advantaged portfolio, including Guyana, the Permian, global Liquefied Natural Gas, and in our high-value performance products, along with efforts to reduce structural costs and improve efficiency. We’re also helping meet increased demand by expanding our refining capacity by about 250,000 barrels per day in the first quarter of 2023 – representing the industry’s largest single capacity addition in the U.S. since 2012.”
At the same time, Woods said the company is supporting the transition to a lower-emission future, and growing its portfolio of opportunities in carbon capture and storage, biofuels, and hydrogen.