I take the liberty of addressing Exxon’s Guyana Head, Mr. Alistair Routledge, directly. Frankly, sir, I am disappointed. The huge 2024 profit differential between Exxon and Guyana, US$10.4 billion and US$2.6 billion respectively is a matter that just had to be dealt with directly by the company itself. Profit sharing and how arrived at when numbers are so skewed is not a matter at the margins. When the corporate honor of Exxon itself is scrutinized, only the biggest guns will do. No juniors; not that shovel pass to the Ministry of Natural Resources (MNR) effectively reducing it to slavish messenger. Mr. Routledge himself had to deal with the profit-sharing hot potato. Employing the ministry for servile duties made Exxon look tricky, unworthy of trust. No Guyana Government ministry suffices as willing servant boy for Exxon. Because this goes to Exxon’s corporate credibility, only Mr. Routledge will do, relative to profit sharing for 2024.
Now, for the enlightenment of the world (this goes beyond Guyana), I respectfully lay some questions at Mr. Routledge’s feet, invite him to do the courteous thing. Respond, sir!
Why Exxon hides from facing the music, Guyanese, if there isn’t anything to hide?
Why Exxon recruited MNR to take Exxon’s place, use Exxon’s words, do Exxon’s cleanup work?
Why Exxon disrespects Guyanese by thinking they would swallow US$10.4 billion equals US$2.6 billion?
Why Exxon insults Guyanese with the disparagement of revenues and profits are not the same?
Why Exxon misled investors globally with inflated profit number (billions), when decisions are fueled by pennies in profits?
Why Exxon behaved like Enron with danger subtracted (it’s Exxon), but deception conflated, then multiplied exponentially?
Why Exxon seemingly included cost recovery billions as profits, and not manage/treat that differently, with notes appended?
Why proceed, persevere, with profit creativity, when it closely resembles profit deformity?
Why not, Mr. Routledge, step forward, admit publicly that liberties were taken, mistakes made (no apology necessary)?
Exxon needs to conduct itself like a top global oil company, not stoop to the level that makes Guyanese question their senses. And distrust their government. And denounce their leaders. I do. When a ministry in my government is commandeered to perform yellow dog duties for Exxon, I do. How profits from Exxon’s 2024 operations can be so different in a 50:50 sharing agreement. This is the crux of the issue: how can the Exxon consortium 50% profit be US$10.4B, and Guyana’s 50% be US$2.6B. Now we know: the formula that’s a farce. Even verbal fraud, I think.
For 18 long days after the first headline on its profits, Exxon concealed its face, bought time to figure out its options, then coerced yet another groveling voice of the government (MNR) to be the nasty bully boy for it. The facts speak loudly. I share them with Guyanese.
KN’s June 4th headline was, “ExxonM raked in US$6B profit in 2024 -Financials reveal.” The day before, June 3rd, Reuters reported, “Exxon-led consortium’s 2024 profit in Guyana rose 64% to US$10.4B”.” Also, on June 3rd, NASDAQ.com had this headline, “ExxonMobil Consortium Reports US$10.4B Profit From Guyana in 2024.” Finally, on the same June 3rd, OilNow, a media entity reported to be a handmaiden of the company reported, “ExxonMobil’s Guyana profits jump 62% to US$4.7B in 2024.” I focus the attention of Guyanese (and world) on that word “PROFIT” that was bannered repeatedly in the foreign media. So, for Exxon to now use MNR to spout about there being a difference between revenue and profits is diabolical, dangerous. Candidly, Guyanese were given a load of b-s, nothing else.
This is my reading of the games being played by Exxon (and government). First, Dr. Jagdeo was very disciplined and not do what he did before: ‘go ask Exxon.’ Then, when the responsible/subject minister: Vickram Bharrat should have had the personal courage to face the media, expound on the difference revenue and profits (which nobody needed), then provide precise details about this magic formula, with numbers to match, he lost his mojo, probably more. The faceless, mindless ministry got the call to arms: shovel Guyanese any b-s. All this emphasized one thing, brought to one place. Somebody had something to hide, what made them look derelict, people best kept far from, for one’s own cleanliness.
Exxon’s own profit numbers damns it, and before the world. Recall who treated those numbers as meaning what they said (2024 net profits), and then presented them to the world as built on conventional income and expense elements, and as appropriately categorized and treated. Last, I read of Exxon speaking through the ministry about “backgrounders.” Were those deep background briefings not off-the-record? Why retreat behind “backgrounders” when billions were in play? Summation: Guyana went from elections rigging to profit rigging. It’s now Mr. Routledge’s turn to speak. All Guyana waits.
