ExxonMobil yesterday announced an increase in third quarter earnings in the amount of US$7.4 billion, its highest for the period since 2017, and signaled plans for more investments in Guyana’s offshore Stabroek Block.
While the company’s capital spending has been strategically constrained this year, coming in at the lower end of the $16 billion to $19 billion range, it has estimated that next year the sum would be increased with investments in its Guyana projects, seen as one of its soundest investments.
“We are expecting higher capex in the fourth quarter and a significant increase as we head into 2022. What underpins that is further investments in Guyana, focused on Payara, Yellowtail apprai-sals,” Kathryn Mikells, Senior Vice President and Chief Financial Officer said during the company’s third quarter earnings call.