#ExxonMobil

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Trump accuses oil companies of ‘making too much money’ from his war on Iran

US president hits out at ExxonMobil and Chevron, saying they should ‘give some of that back to the public’

third-news.com

ExxonMobil Selects McDermott for Essential Rovuma LNG Project in Mozambique

In a significant move for Mozambique's energy landscape, ExxonMobil hands McDermott a letter of intent to advance the Rovuma LNG project.

dlvr.it

ExxonMobil nears full return on investment in Guyana

The super-major is also charging ahead with new Guyana development WHAT Exxon is close to recouping its $555bn investment in Guyana WHY The discovery, made in 2015, is one of the world’s most prolific WHAT NEXT Production is close to a symbolic 1mn bpd ExxonMobil's oil consortium has recovered the $55bn invested in Guyana's Stabroek Block roughly two years ahead of schedule, reshaping the financial dynamics of the rapidly growing Latin American energy asset. Thanks to the full return on investment (ROI), the consortium is in a position to expand its net profits beyond what was previously expected. In June, IntelliNews observed that ExxonMobil and its partners were on track to recover their entire $55bn investment programme by the end of the year, meaning that expectations have been surpassed on two occasions. The accelerated cost recovery, confirmed by ExxonMobil chief financial officer Neil Hansen to Reuters, is indicative of the unprecedented pace at which the consortium developed the ultra-deepwater acreage following its 2015 discovery. "We brought these investments on at an unprecedented pace and cost advantage," Hansen stated. The production sharing contract governing the Stabroek Block permits the ExxonMobil-led consortium, which includes Chevron at 30% following its acquisition of Hess Corp. and Chinese firm CNOOC at 25%, to recover up to 75% of monthly oil production as cost oil before remaining production is classified as profit oil and divided equally with Guyana. The 2% royalty on all production represents additional government revenue. Over 900,000 bpd output Production now exceeds 900,000 barrels per day (bpd) from a field estimated to hold at least 11bn barrels of oil equivalent, output that has propelled Guyana into the ranks of the world's fastest-growing economies and concentrated Latin American offshore drilling activity within a single nation competing for capital against established Caribbean producers. Cost recovery completion represents a strategic inflection point. ExxonMobil will now book approximately 100,000 fewer bpd from the country as it enters the third quarter, a reduction reflecting the shift from cost recovery to profit-sharing. However, Hansen indicated that free cash flow will double by 2030 relative to 2025 levels, a projection underscoring the financial model's strength despite reduced cost oil volumes. The consortium remains aggressively expanding within the Stabroek Block. The fifth and sixth production projects, Uaru and Whiptail, are scheduled to commence operations in late 2026 and 2027 respectively, continuing the development momentum that accelerated initial cost recovery. More Guyana exploration ExxonMobil CEO Darren Woods stated on the company's second-quarter earnings call that "there is room for more exploration in Guyana and the company has used AI to evaluate drilling and subsurface data." In June, ExxonMobil applied to drill 35 exploration wells across four prospect areas within the Stabroek Block, signalling confidence in remaining upside potential. Senior vice president and chief financial officer Neil Hansen also discussed the findings during the earnings call on July 31, stating that the company applied AI-derived insights to areas of the offshore block beyond its initial exploration focus. "We really put a lot of effort into artificial intelligence and training models based on what we found already, all the drilling that we've done, the characterisation of that subsurface, and have unleashed that in the rest of the block," Hansen said, as quoted by OilNOW. The methodology indicates a significant evolution in exploration strategy, leveraging machine-learning analysis of subsurface characterisation, drilling results, and reservoir performance data accumulated across Guyana's most prolific deepwater asset. Hansen characterised the results as "four new discovery opportunities above and beyond what we thought were opportunities," though he cautioned that confirmation work remains substantial before commercial viability can be established. ExxonMobil has not disclosed the locations, estimated resource volumes, or drilling timelines for the identified opportunities, However, Venezuela's maritime border dispute with Guyana continues to constrain Stabroek's full potential. A portion of the acreage remains under force majeure pending a United Nations court ruling, creating uncertainty around additional exploration upside. Woods acknowledged this geopolitical constraint whilst maintaining optimism about long-term prospects: "We're not done yet in Guyana, and we continue to see a really bright future there." Guyana's economic trajectory presents a paradox. Oil revenues have transformed the nation's macroeconomic fundamentals and attracted capital investment, yet a population of approximately 1mn continues to confront prolonged electricity blackouts, infrastructure deficiencies and limited economic diversification beyond energy. These structural challenges underscore the gap between resource wealth and inclusive development outcomes. The consortium's cost recovery milestone carries broader regional significance. Latin America's offshore drilling activity remains concentrated in Guyana despite a decade-long regional downturn, according to the Trinidad and Tobago Energy Chamber. This concentration reflects both the Stabroek Block's exceptional economics and relative underperformance of competing Caribbean assets. Whiptail Beyond current production, ExxonMobil appears intent on expanding its Guyanese offshore activities, with the company confirming that it is advancing drilling at the Whiptail and Rockhead-1 wells. Nobel Corp.'s Don Taylor mobile offshore drilling unit commenced operations on August 1 at Whiptail's WT_5i05 Drill Centre with operations scheduled through September 30. This comes as Whiptail has moved into the execution phase as subsea infrastructure installation begins for the $12.7bn development, underscoring the country's rapid expansion into one of the world's fastest-growing oil producers. According to OilNOW, offshore works are now under way on the project's subsea umbilicals, risers and flowlines (SURF) system, a critical network that will link production wells on the seabed to the Jaguar floating production, storage and offloading (FPSO) vessel. The installation campaign marks one of the final major engineering stages before the FPSO enters service later in the decade. The Maritime Administration Department (MARAD) confirmed that offshore construction activities have started around 189 km off Guyana's coast within the country's exclusive economic zone. The operation, involving the Normand Installer, is scheduled to continue until the end of 2026, reflecting the scale and complexity of the subsea works. Once operational, the Jaguar FPSO will be capable of producing up to 250,000 bpd using SBM Offshore's Fast4Ward hull design. The development will incorporate up to 10 drill centres and 48 production and injection wells connected through an extensive subsea production network. Contract awards for the project were finalised in 2024, with TechnipFMC securing the subsea production system package and Saipem taking responsibility for engineering, procurement, construction and installation of the subsea infrastructure. Once commissioned, Whiptail will lift Guyana's offshore production capacity to around 1.3mn bpd. Exxon growth opportunity Simultaneously, the Stena Carron MODU initiated exploration drilling at Rockhead-1, concluding operations on August 31 according to Guyana's department of public information. ExxonMobil's accelerated cost recovery and aggressive exploration expansion suggest that the operator views Guyana not as a mature, production-optimisation asset but as a growth opportunity within a constrained regional context. Meanwhile ExxonMobil is exploring replicating the development model of its proposed Longtail project for a ninth FPSO vessel, underscoring a strategy focused on reducing costs through standardisation while accelerating production growth. According to OilNOW, Woods said during the company's second-quarter 2026 earnings call that the company is assessing a ninth FPSO centred on the Haimara discovery, with the intention of applying the engineering and execution model developed for Longtail. Although the project has not yet been finalised, Woods said preliminary evaluations suggest the approach offers significant capital efficiencies. The proposal reflects a broader shift in ExxonMobil's Guyana strategy from frontier exploration towards optimising an increasingly mature offshore portfolio. Rather than relying solely on new discoveries, the company appears focused on replicable project designs that shorten development timelines, improve operational consistency and lower investment risk. Longtail itself remains on track towards a final investment decision later this year, according to the company. The project is expected to produce up to 34mn cubic metres gas per day alongside roughly 250,000 barrels of condensate daily, with first production targeted for 2030. OilNOW reported that the development is also expected to generate more than 1,600 jobs, further highlighting its economic significance for Guyana alongside ExxonMobil's continued expansion plans.

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Revealed: major oil firms make $93bn profits amid war and climate crisis

Iran conflict windfall over three months reignites calls for companies ‘cashing in on human misery’ to pay for environmental damage

www.theguardian.com

Trump accuses oil companies of ‘making too much money’ from his war on Iran

US president hits out at ExxonMobil and Chevron, saying they should ‘give some of that back to the public’

pidgeon.news

Trump Criticizes Exxon, Chevron for High Profits and Gas Prices

Donald Trump criticizes ExxonMobil and Chevron for making excessive profits and failing to lower gas prices.