ExxonMobil, Hess Corporation, and CNOOC Ltd. posted a combined net profit of US$13.2 billion in the first quarter of 2025, with strong production offshore Guyana helping to cushion the impact of weaker oil prices and tighter refining margins.
The three partners, which share interests in Guyana’s massive Stabroek Block, produced 631,000 barrels per day (bpd) in the quarter. The consortium’s stakes place ExxonMobil at 45%, Hess at 30%, and CNOOC at 25%.
Hess, the smallest of the three, reported US$430 million in net income for the quarter, down from US$972 million a year earlier. The company said its net production was 183,000 bpd in Guyana during the period, accounting for a significant share of its global output of 476,000 barrels of oil equivalent per day (boepd). Adjusted net income was US$559 million.
ExxonMobil posted US$7.7 billion in earnings, compared to US$8.2 billion in the same period last year. While the company did not break out country-specific production data, it said “advantaged volume growth” from Guyana and the Permian Basin, along with cost savings and favorable timing effects, helped to offset weaker crude prices and lower refining margins.
CNOOC, China’s state-owned oil major, reported RMB 36.6 billion (US$5.03 billion) in profit attributable to shareholders, despite a year-on-year decline amid market volatility. The company’s net production for the quarter rose to 188.8 million barrels of oil equivalent, with no Guyana-specific volume disclosed, per its 25% Stabroek Block stake.
The companies’ Guyana projects are uniquely valuable in their portfolios, given the low breakeven prices estimated for the projects (between US$25 and US$35 per barrel). This is in stark contrast to the state of affairs for some U.S. oil operations, which are tending toward a loss of profitability in the current oil price environment. The International Monetary Fund (IMF) projected that a basket of crudes, including Brent, will see an average price of US$66.94 per barrel in 2025, down from US$79.17 last year.
Production offshore Guyana is expected to climb sharply in the coming years. The ONE GUYANA floating production vessel is set to begin output later this year, with two additional FPSOs expected online between 2026 and 2028. This expansion is projected to raise Guyana’s total production capacity to more than 1.3 million bpd, boosting earnings for the companies and delivering record-breaking oil revenues to the Guyana government, which is using the revenue to boost infrastructure and social services.
The growing value of Guyana’s oil assets has also reinforced focus on Chevron’s pending acquisition of Hess. A key arbitration hearing on the deal, in which Exxon and CNOOC want the right-of-first-refusal in the sale of Hess’ 30% stake, is set for later this month.
