GUYANA · OIL
Key Facts
- The milestone Output from Guyana’s Stabroek offshore block passed 1 billion barrels, about 11 years after discovery.
- The operator ExxonMobil, the largest US oil company, runs Stabroek and gave the news on Friday 30 October 2026.
- The next step A fifth oil ship, called Uaru, is due to start in the fourth quarter of 2026.
- The money Exxon earned US$15.4 billion in the third quarter and lifted its dividend 4% to US$1.07 a share.
- The catch Exxon’s profit fell from the second quarter partly because Guyana’s government now takes a bigger share.
ExxonMobil said on Friday 30 October 2026 that oil pumped from the Stabroek block off Guyana has passed 1 billion barrels in total. The block was found about 11 years ago, and Exxon runs it with two partners.
For US readers, the milestone matters because Guyana is one of the fastest-growing oil sources for American companies, and it feeds the profits behind a dividend that millions of US households own through funds. Our guide to the foreign powers and investors in Guyana explains who else is in the race.
What Happened
Exxon released its third-quarter results on Friday and said in the same release that it reached a cumulative milestone of 1 billion barrels at both Guyana and Kearl, an oil sands site in Canada. On the earnings call, executives said Stabroek output alone had passed 1 billion barrels, about 11 years after the discovery.
The company expects its fifth Guyana project, Uaru, to start up in the fourth quarter of 2026. Each of these projects is a floating factory, called an FPSO, that pumps, treats and stores oil before tankers carry it away.
The Numbers
Exxon reported third-quarter earnings of US$15.4 billion, or US$3.72 a share, and US$17.5 billion excluding one-off items. Cash from operations was US$25.7 billion, and free cash flow was US$19.1 billion.
The company returned US$9.4 billion to shareholders in the quarter, with US$4.3 billion in dividends and US$5.1 billion in share buybacks. It plans US$20 billion of buybacks in 2027 if markets allow, and the fourth-quarter dividend of US$1.07 a share is payable on Thursday 10 December 2026 to holders of record on Monday 16 November.
Why Guyana Pays Exxon Less
Exxon said its upstream earnings fell from the second quarter because of lower oil prices and what it called the accelerated Guyana entitlement impact. Entitlement means the share of each barrel that the company is allowed to keep under its contract with the government.
Under such contracts, a company first recovers its costs from oil sales, and after that a larger part of each barrel goes to the state. Exxon did not give the size of the Guyana effect in its release, and total upstream production slipped to 4.496 million barrels of oil equivalent a day from 4.514 million.
Who Owns the Block
Exxon holds 45% of Stabroek and operates it, while Chevron, the second-largest US oil company, holds 30% and CNOOC, the state-owned offshore oil company of China, holds 25%. Our report on Chevron and its Guyana stake shows how the second US major sees the same field.
What It Means for You
If you own Exxon shares or an index fund that holds them, Guyana is one of the growth engines behind the buybacks and the 44th straight yearly dividend increase. The lower profit share for Exxon also shows that the government of Guyana now collects more of each barrel.
Drivers in the United States gain from every new source of crude outside the Middle East, where Exxon said delayed sales and lost output, mostly Qatar gas, will weigh on volumes by about 350,000 barrels a day in the fourth quarter. Guyana adds roughly 1% of world supply, so it softens price shocks but does not end them.
What Is Not Known
It is not known how large the Guyana entitlement effect was in the quarter, because Exxon did not quantify it in its release. The exact start date of Uaru, beyond the fourth quarter, has also not been given.
How much of the 1 billion barrels Exxon owns, as opposed to the government and its partners, is not stated. The effect of the Middle East conflict on oil prices in 2027 is a risk that executives themselves flagged.
More: Guyana news in English, every day from The Rio Times.
Frequently Asked Questions
How Much Oil Has Guyana Produced?
Exxon said output from the Stabroek block passed 1 billion barrels in total as of 30 October 2026. That took about 11 years from discovery.
What Is Uaru in Guyana?
Uaru is the fifth oil development in the Stabroek block, built around a floating production ship. Exxon expects it to start up in the fourth quarter of 2026.
Does Guyana Oil Affect US Gas Prices?
Guyana supplies about 1% of world oil, so it helps but does not set prices. Prices still follow the Middle East and global demand.
Sources: ExxonMobil, third-quarter 2026 results press release, 30 October 2026; ExxonMobil Holdings Corporation, Form 8-K filed with the US Securities and Exchange Commission, 30 October 2026; ExxonMobil, third-quarter 2026 earnings call, remarks of management on Guyana and Uaru, 30 October 2026.
Editorial responsibility: Matthias Camenzind, Editor-in-Chief · Editorial standards · Report an error