Exxon Mobil Corporation ( XOM ) shares are trading slightly higher today. As per government data, Guyana’s lucrative agreement with an Exxon Mobil ( XOM )-led consortium in the South American country generated $6.33 billion for the partners.

The growth resulted in a net margin larger than that of chip-maker NVIDIA Corporation ( NVDA ) with a combined net margin of 56%, exceeding Nvidia’s 49% margin in its most recent fiscal year, reported Reuters.

In particular, as per Guyana government filings, Exxon reported a net profit of $2.9 billion, Hess Corporation ( HES ) earned $1.88 billion, and CNOOC gained $1.52 billion from the Stabroek joint venture, per the report.

Related: Guyana’s Oil Spigot Wide Open: Exxon, Hess Sanction Massive $12.7B Oil Project

In 2023, revenue from the Stabroek offshore oil venture rose by 23% to $11.25 billion, boosted by the addition of a third production vessel.

As per the report, the group currently produces around 630,000 barrels daily from three vessels, and three more are expected to be added.

The report cited Marcelo de Assis, an oil consultant specializing in Latin America, who noted that the favorable contract terms were negotiated with Guyana at a time of high exploration risks and when the country’s oil potential was unknown.

Guyana has updated its oil contract terms, increasing the government’s share to 27.5%, which represents a roughly doubled stake. These revised terms, however, apply exclusively to areas outside the Stabroek block.

Investors can gain exposure to the XOM via Energy Select Sector SPDR Fund and IShares U.S. Energy ETF ( IYE ) .

Also Read: Exxon Mobil ( XOM ), Air Liquide Team Up For Clean Hydrogen Project: Details

Price Action: XOM shares are up 0.18% at $114.25 premarket at the last check Tuesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.