Exxon and Partners’ Net Profit From Guyana’s Oil Soared in 2023

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. Since discovering first oil in what turned out to be a very prolific Stabroek block, the partners in the consortium – Exxon,…