SPRING, TEXAS (By Exxon, 31.Jul.2026, Words: 323) — The Guyana production- sharing agreement follows a structure commonly used in the industry: the co-venturers fund all exploration and development and recover those costs over time from a portion of production. In any period, after a royalty on gross production is paid to Guyana, up to 75% of production may be allocated to cost recovery until those costs are fully recovered. The remaining production is shared with Guyana.
Since 2014, the co-venturers invested more than $55bn in exploration and development.
Faster project delivery, higher production, and strong reliability accelerated investment recovery by approximately 2 years ahead of the original investment basis at constant prices. Stronger performance relative to the investment basis generated more than $13bn of incremental revenue and cost savings.
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Once the initial investment is recovered, a larger share of production and cash flow is allocated to Guyana, while co-venturer entitlement volumes proportionally decline.
Given that this milestone has now been reached, beginning in the third quarter, we expect ExxonMobil’s net entitlement volumes to decrease by approximately 100,000 barrels per day (b/d).
The entitlement changes, the value of the asset does not. Gross production and operating performance remain strong, and our 2030 production guidance remains unchanged.
To be clear, this is an expected contractual reallocation of production following successful cost recovery, not a change in the physical performance or development outlook of the asset.
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The near-term volume effect does not obscure the longer-term economics. We expect Guyana free cash flow attributable to ExxonMobil to more than double between 2025 and 2030 at constant prices.
That growth will come from additional developments, continued strong reliability, and rising gross production capacity.
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The production-sharing agreement is working as designed.
The co-venturers assumed the exploration and development risk and strong execution accelerated cost recovery. Guyana will now receive a larger share of production and cash flow, while the co-venturers retain exposure to a growing, high-quality development with strong future cash generation.
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