The Exxon-led consortium operating in Guyana's Stabroek block generated massive profits in 2023, with net margins exceeding even those of chipmaker Nvidia.
ExxonMobil, Hess , and CNOOC of China booked a combined $6.33 billion in net profit for their joint oil operations offshore Guyana last year, with net profit margins topping that of chip maker Nvidia, according to Guyanese government data cited by Reuters. The Exxon-led consortium secured a lucrative contract with the government of Guyana when it began exploration offshore the South American country in the 2010s.
As a result, the Stabroek block joint venture’s combined net margin was 56%, higher than Nvidia’s 49%, according to Reuters estimates. The Exxon-led consortium secured very favorable fiscal and tax terms for the Stabroek block before billions of barrels of oil were found in place. Since then Guyana has tweaked its contracts to have the government’s share double to 27.5% but these terms apply for oil contracts outside the Stabroek block.
Oil Production Exxonmobil Hess CNOOC Net Profit Net Margin Stabroek Block Chevron Arbitration
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