ExxonMobil says its fifth Floating Production, Storage and Offloading (FPSO) vessel for Guyana remains on track to begin production in the fourth quarter of 2026, adding another 250,000 barrels per day of production capacity.
The update was contained in the oil giant’s second-quarter 2026 earnings report, released on July 31. ExxonMobil said the fifth Guyana FPSO had already set sail, with production start-up planned for the fourth quarter.
The Guyana development was highlighted as ExxonMobil reported second-quarter earnings of US$14.5 billion, equivalent to US$3.48 per share. Adjusted earnings stood at US$14.7 billion, or US$3.52 per share.
The company also generated US$23.6 billion in cash flow from operating activities and US$17.2 billion in free cash flow during the quarter. Shareholder distributions amounted to US$9.4 billion, comprising US$4.3 billion in dividends and US$5.1 billion in share repurchases.
ExxonMobil Chairman and Chief Executive Officer Darren Woods said the company’s performance came during a quarter marked by disruptions.
“The second quarter was shaped by disruption, but defined by execution,” Woods said. “Markets were supportive, but our performance reflected the strength of the portfolio and operating model we have built over many years.”
Upstream remained ExxonMobil’s largest earnings segment during the quarter, generating US$7.927 billion in earnings, up from US$5.737 billion in the first quarter. Adjusted Upstream earnings amounted to US$9.189 billion.
The company said strong reliability contributed to its highest Upstream production in more than two decades, excluding disruptions in the Middle East. It also reported record Permian production of more than 1.8 million oil-equivalent barrels per day during the quarter.
Meanwhile, ExxonMobil spent approximately US$6.8 billion in cash capital expenditures during the second quarter, taking expenditure for the first six months of 2026 to approximately US$13 billion. Of the year-to-date amount, US$10.664 billion was attributed to the Upstream segment.
Woods said ExxonMobil intends to continue investing in what the company considers advantaged production.
“We delivered strong earnings and cash flow, continued investing in advantaged opportunities, returned cash to shareholders, and strengthened the balance sheet,” he said, adding that the company remains committed to further growing production to help meet global energy demand.
