Upstream
ExxonMobil expects the One Guyana floating production, storage and offloading vessel to start next week production from the Yellowtail field in the Stabroek block offshore Guyana. Built by Dutch floater specialist SBM Offshore, One Guyana will be the fourth FPSO to enter operation in Guyana. The unit will be capable of producing 250,000 barrels per day of oil and 450 million cubic feet per day of natural gas. May was both the 10-year anniversary of our first Guyana discovery and also the arrival of our fourth FPSO,” ExxonMobil chief executive Darren Woods told investors in a conference call. Start-up of the Yellowtail development, our largest to date, is anticipated next week, and four more FPSOs are planned by the end of 2030, increasing our gross production capacity to 1.7 million barrels of oil equivalent per day. Our organisation continues to set new standards in executing a major deepwater development at industry leading pace and cost, benefiting our shareholders and the people of Guyana.”
The US supermajor also posted a significant decline in quarterly results nearly one month after the company warned that lower commodity prices would affect the outcome, although it beat Wall Street estimates. ExxonMobil reported a net profit of $7.09 billion, or $1.64 per share, in the second quarter of 2025, down 23% from a net gain of $9.24 billion, or $2.14 per share, in the same period a year ago. Analysts were expecting a net profit of $1.56 per share. Net revenues fell 12% from $93.06 billion to $81.51 billion. Oil and gas production rose almost 2% to 4.63 million boepd in the second quarter of 2025 versus the first quarter of 2025. We achieved our highest second quarter upstream production since the merger of Exxon and Mobil more than 25 years ago,” said Woods. He added ExxonMobil achieved record production in the Permian shale basin in the US, explaining that more than 60% of the company’s output will come from the Permian, Guyana and liquefied natural gas projects by 2030. ExxonMobil previously said changes in oil, condensate and natural gas prices could lower the company’s earnings in the second quarter of 2025. The second quarter, once again, proved the value of our strategy and competitive advantages, which continue to deliver for our shareholders no matter the market conditions or geopolitical developments,” added Woods. ExxonMobil invested $6.3 billion in the second quarter, bringing cash capital expenditure to $12.3 billion in the first half of the year.