The $30 Barrel Break-Even Project Driving Exxon's Success

Core Viewpoint - ExxonMobil reported strong third-quarter 2025 earnings despite lower oil prices and a challenging operating environment, driven by significant contributions from its Permian Basin and Guyana operations [1] Group 1: Guyana Operations - Exxon made its first discovery in Guyana's Stabroek Block in 2015, surprising industry insiders with commercially exploitable hydrocarbons after previous failures [2] - The company has rapidly developed the Liza-1 discovery, achieving first oil in just four years, with production from the Liza Destiny FPSO reaching nearly 49,000 barrels per day by the end of 2019 [3] - By September 2025, Exxon was lifting over 850,000 barrels daily from the Stabroek Block, with four active FPSOs having a combined capacity of 900,000 barrels per day [3] Group 2: Production and Financial Performance - Record production from both Permian and Guyana assets resulted in a 4% increase in overall hydrocarbon output for Q3 2025, totaling 4.8 million barrels of oil equivalent [4] - Total production for the first nine months of 2025 rose by 10% year over year, averaging 4.7 million barrels per day [4] - Despite production growth, upstream earnings fell, with Q3 2025 earnings down 7.8% year on year to $5.7 billion, and year-to-date earnings dropping 5.6% to $17.8 billion [5] - The earnings per share for Q3 2025 was $1.76, an 8.3% decrease, while year-to-date earnings per share fell 16% to $5.16, attributed to a 13% decline in Brent oil prices [5] - Exxon increased its quarterly dividend by 4% to $1.03 per share, resulting in a 2025 dividend payment of $4 and a yield of 3.5% [5]