Guyana’s Stabroek Block has helped ExxonMobil, Chevron and CNOOC, three of the world’s largest oil producers, record massive profits for the first quarter of 2026.
ExxonMobil, the block’s operator with a 45% stake, reported first-quarter earnings of US$4.2 billion. It said overall oil production at its four ships in Guyana exceeded 900,000 barrels per day during the quarter. The American oil producer said its performance in Guyana was at a “record level,” adding that it helped cushion the impact of supply disruptions in the Middle East and operational challenges elsewhere.
Chief Executive Officer (CEO) Darren Woods said the company sees significant potential in other parts of the block, noting that “there’s still a lot of acreage left to be assessed.” The CEO said his company is also advancing three more oil projects in Guyana, including Uaru, Whiptail, and Hammerhead, bringing the total to seven operating projects by 2030.
Chevron, another American oil giant, reported earnings of US$2.2 billion. It would be recalled that the company had bought out Hess Corporation, which held a 30% stake in the Stabroek Block. Chevron was keen to note that Guyana’s crude is integral to its portfolio.
As for CNOOC, China’s largest offshore oil and gas producer, which holds a 25% stake in the Stabroek Block, it reported earnings totalling US$14.2 billion and a net profit of US$7.7 billion. The company said contributions from projects, including the Yellowtail development offshore Guyana, supported its performance. For these companies, Guyana’s rapidly expanding oil production, as well as its low costs, have become central to their growth strategies.
To date, more than 11 billion barrels of oil and gas resources have been discovered in the Stabroek Block. The offshore concession is considered to be the oil industry’s biggest find in 15 years. The consortium’s oil developments have since positioned Guyana among the world’s fastest-growing oil producers and a rising supplier to markets in Europe and North America.