BAKU, Azerbaijan, April 30. ExxonMobil's net production in 1Q2024 totaled 3.8 million oil-equivalent barrels per day, Trend reports.
According to the latest report from the company, this marked a decrease of 40 koeb/d compared to 4Q2023 (3,824 koebd), and 47 koeb/d year-on-year (3,831 koeb/d in 1Q2023).
However, the growth in Guyana volumes more than compensated for the decline in earnings resulting from reduced base volumes due to divestments, government-mandated curtailments, and unfavorable entitlement effects, Exxon explained.
Excluding the impacts from divestments, entitlements, and government-mandated curtailments, net production surged by 77,000 koeb/d, primarily propelled by the successful commencement of the Payara development in Guyana, which achieved a nameplate capacity of 220,000 b/d in mid-January, ahead of schedule.
Meanwhile, ExxonMobil's earnings (excluding identified items) in 1Q2024 amounted to $8.2 billion, or $2.06 per share assuming dilution. This marked a decrease of 29 percent from $11.6 billion recorded in the same period of 2023.