(Bloomberg) — Guyana’s oil output dropped 11% within the third quarter as Exxon Mobil Corp. quickly shut down two of its three manufacturing vessels to attach a brand new gas-to-shore pipeline.
Hess Corp., which has a 30% stake in Guyana’s Stabroek Block, stated its share of manufacturing dropped to 170,000 bpd within the interval, in contrast with 192,000 bpd within the prior quarter. Manufacturing ought to bounce again within the fourth quarter, “reflecting restoration from deliberate downtime,” Hess stated.
Hess raised its 2024 capital spending steerage to $4.9 billion, up from $4.2 billion beforehand, “reflecting the choice to speed up the acquisition” of two floating manufacturing, storage and offloading (FPSO) vessels to the fourth quarter as an alternative of 2025, it stated.
Exxon, which owns a forty five% stake in Stabroek, is more likely to report an analogous drop in manufacturing and enhance in Guyana spending when it studies earnings on Nov. 1. The oil main has already guided that decrease oil costs and refining margins will cut back earnings within the third quarter.