ExxonMobil boosts output from Permian, Guyana

ExxonMobil boosted output from the Permian shale basin and Guyana by more than 30pc last year, helping to offset divestments and the loss of its Russian assets.

The largest US oil producer increased gross production in Guyana by more than 160,000 b/d with the startup of the Liza Phase 2 project.

Its Permian net output increased by 90,000 b/d of oil equivalent (boe/d) as the company "captured the benefits of the strong market by liquidating the large inventory" of drilled but uncompleted wells built up during the pandemic.

As a result, total output for 2022 came in at 3.74mn boe/d, up slightly from 3.71mn boe/d the previous year.

"We've continued to strengthen our industry-leading portfolio and increased production from high-return, advantaged assets in Guyana and the Permian at a time when the world needed it most," chief executive Darren Woods said.

ExxonMobil reported fourth-quarter profit of $12.75bn compared with a profit $8.87bn in the year-earlier quarter. Revenue came in at $95.4bn, up from $84.97bn.

Full-year profit soared to a record $55.7bn from $23bn in 2021.

Output in the final quarter of 2022 was little changed at 3.82mn boe/d from the same year-earlier period.

ExxonMobil forecast production will be flat in the first quarter compared with the last quarter of 2022, with growth in the Permian and elsewhere offsetting divestments.

By Stephen Cunningham