truly significant at any given time. The company is diversified enough that, to some extent, prices matter. But even oil and gas price variations are somewhat diluted by the upgrades to finished product in the company divisions. Now the company appears to have a project that will materially affect company production.<\/span><\/p>\nThe Guyana project recently announced three more discoveries. The importance of the steady reporting of more discoveries is hard to understate. A company the size of Exxon Mobil rarely finds a discovery that is material to the future of the company. In this case, that play off the coast of Guyana is looking more and more like that rare find. If that is the case, then Exxon Mobil will have a period of growth that large companies seldom have, just because they are that large.<\/p>\n
The company has already reported five discoveries at the start of the new fiscal year. Last year, the company reported a total of six discoveries. That likely means that the pace of exploration (and probably development) is accelerating. Further evidence of this was that the platform under construction that was scheduled for the start of 2024 is now likely to be delivered months earlier in 2023.<\/p>\n
More to the point, for a company that reported production of nearly 4 million BOED, this project has the potential to represent nearly 10% of the total company production by fiscal year 2027 (and maybe sooner). After that, expanding production to double the platforms would likely accelerate the amount of production as a total of the company production. The Guyana upstream project is likely to become a very large income producer for the company in the next decade, and the end of growth is not in sight.<\/p>\n
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