ExxonMobil has decided to increase its stake in the Rovuma LNG project located in Mozambique to 50% and in the Papua LNG project located in Papua New Guinea to 34%. This decision was announced in the financial results for the third quarter of 2026, which were released on October 30. ExxonMobil was previously recognized as the operator of the Rovuma project and has now announced that it has also taken on the operational responsibility for the Papua LNG project.
Production and New Achievements
The company also announced reaching a cumulative production of 1 billion barrels in its operations in Guyana and the Kearl oil sands project in Canada. Additionally, cumulative production in the PNG LNG project has reached 100 million tons. In the third quarter, upstream production averaged 4.496 million barrels of oil equivalent per day (MMboed), showing a decrease compared to 4.514 million barrels in the second quarter.
Revenue Analysis and Challenges
ExxonMobil has stated that the growth in production volume in Guyana, the Permian Basin, and the Golden Pass LNG project has strengthened upstream revenues this year. However, falling prices and the impacts related to Guyana's share in revenues have offset part of this increase. Upstream revenues have decreased compared to the second quarter.
The company has also referred to its activities in carbon capture and storage, announcing the launch of the Nucor project and the approval of the Rose carbon storage project. In light of recent developments, ExxonMobil reported revenues of $15.4 billion for the third quarter and announced plans for a $20 billion stock buyback in 2027.
