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The fifth Guyana FPSO is designed to add 250,000 barrels per day as ExxonMobil reports $12.974 billion in first-half cash capital expenditures, including $10.664 billion in Upstream.
Published by Allstream Insiders.
Allstream Insiders Summary
ExxonMobil reported $12.974 billion in cash capital expenditures during the first half of 2026, which the company rounded to approximately $13.0 billion in its headline disclosure. Upstream accounted for $10.664 billion, or about 82%, of the company-wide total.
ExxonMobil’s 2026 update says its fifth Guyana floating production, storage and offloading vessel (FPSO) has set sail and remains on plan for a fourth-quarter 2026 startup with approximately 250,000 barrels per day of capacity. The update does not name the vessel. ExxonMobil’s April 2023 Uaru announcement identifies Uaru as the fifth Stabroek Block development and names its MODEC-built FPSO Errea Wittu. Taken together, the company’s disclosures support linking the current set-sail milestone to Uaru’s Errea Wittu.
ExxonMobil’s second-quarter presentation also extends the visible Guyana development runway. The company said a potential ninth FPSO is progressing toward a 2031 startup and that it has identified four additional opportunities through AI-powered exploration. The ninth FPSO remains under consideration for ExxonMobil’s upcoming corporate-plan cycle and is subject to change; it should not yet be treated as a sanctioned project.
Outside Upstream, ExxonMobil reached final investment decision (FID) on a 120 kilotonnes-per-annum (KTA) Proxxima blending expansion in Louisiana.
ExxonMobil’s corporate plan calls for $27 billion to $29 billion of cash capital expenditures in 2026, followed by $28 billion to $32 billion annually from 2027 through 2030. First-half spending represents approximately 45% to 48% of the full-year 2026 range, based on an Allstream calculation.
ExxonMobil’s First-Half 2026 Capital by Business Unit
Upstream accounted for approximately 82% of ExxonMobil’s first-half cash capital expenditures, based on the company’s reported segment totals. ExxonMobil reported $6.872 billion for U.S. Upstream and $3.792 billion for non-U.S. Upstream.
| ExxonMobil business unit | United States | Non-U.S. | First-half 2026 total |
|---|---|---|---|
| Upstream | $6.872 billion | $3.792 billion | $10.664 billion |
| Energy Products | $1.159 billion | $366 million | $1.525 billion |
| Chemical Products | $419 million | $70 million | $489 million |
| Specialty Products | $53 million | $13 million | $66 million |
| Other | — | — | $230 million |
| Worldwide total | — | — | $12.974 billion |
The table reflects cash capital expenditures through June 30, 2026. The figures show how ExxonMobil allocated capital across its business units; they are not budgets for Uaru, Proxxima or any other individual development.
The company’s $27 billion to $29 billion full-year plan remains its published 2026 capital range. That range is company-wide and should not be assigned to Uaru, Proxxima or another individual project.
Uaru’s Errea Wittu FPSO Is Moving Toward Fourth-Quarter Startup
ExxonMobil’s 2026 materials refer to an unnamed fifth Guyana FPSO. The company’s April 2023 Uaru FID announcement provides the project connection: Uaru is the fifth Stabroek Block development, and its MODEC-built FPSO is named Errea Wittu.
The set-sail milestone moves the Uaru development into its final transportation, offshore installation and commissioning phase. The vessel’s name means “abundance” in the language of Guyana’s Warrau people.
ExxonMobil sanctioned Uaru in April 2023 with an announced project investment of approximately $12.7 billion. The development includes:
- Gross production capacity of approximately 250,000 barrels per day.
- Up to 10 drill centers.
- 44 production and injection wells.
- Development of an estimated resource exceeding 800 million barrels of oil.
The second-quarter update keeps first production scheduled for the fourth quarter of 2026. Before startup, the project must complete its voyage to Guyana, offshore installation and hook-up, system testing, commissioning and operational-readiness work.
For contractors and suppliers, the remaining Uaru execution phase keeps attention on:
- FPSO mooring, installation and offshore hook-up.
- Subsea production and injection systems.
- Flowlines, risers, umbilicals and controls.
- Development drilling and well completions.
- Marine logistics and offshore support.
- Mechanical completion, systems integration and commissioning.
- Inspection, integrity and startup-readiness services.
Most of Uaru’s major engineering and equipment packages were awarded during earlier phases. The set-sail milestone marks progress on an existing sanctioned development, not a new request for proposals.
Repeatable FPSO Execution Supports Guyana’s Development Program
Uaru follows Liza Phase 1, Liza Phase 2, Payara and Yellowtail as the fifth Stabroek Block development. ExxonMobil describes its Guyana execution strategy as a “design one, build many” model, using repeated FPSO, subsea and drilling work to transfer lessons between projects.
The company also highlighted AI-enhanced drilling, 4D seismic imaging and high-performance computing used to support well planning and real-time reservoir management. Those capabilities are intended to improve execution across the broader Stabroek portfolio rather than apply only to Uaru.
ExxonMobil and its co-venturers have invested more than $55 billion since 2014 across Guyana exploration and development, according to the second-quarter presentation. That figure provides historical program scale; it is not a budget for Uaru or a future FPSO.
A Potential Ninth FPSO Points to a Longer Guyana Project Runway
ExxonMobil’s presentation says a potential ninth FPSO is progressing toward a 2031 startup. A footnote adds an important qualification: the development is under consideration for the company’s upcoming corporate-plan cycle and remains subject to change.
The potential ninth FPSO therefore represents an early planning signal rather than an approved project. A future sanctioning decision would be the point at which the operator could establish a formal development scope, project investment, production capacity, contracting plan and execution schedule.
The company also said it has identified four additional opportunities through AI-powered exploration. ExxonMobil did not present those opportunities as named or sanctioned developments. Their significance is that the operator sees a possible project runway beyond the FPSOs already operating, under construction or moving through planning.
For the industrial supply chain, if the potential ninth FPSO advances, it could extend demand for the same categories of work that support Guyana’s existing developments, including:
- Front-end engineering and FPSO design.
- Hull fabrication, topsides fabrication and module fabrication.
- Subsea production systems and controls.
- SURF engineering, equipment and installation.
- Development drilling and completion services.
- Offshore construction, marine logistics and commissioning.
The next meaningful evidence will be inclusion in an approved corporate plan, a named development, regulatory filings, front-end engineering awards or a formal FID.
Louisiana Proxxima Expansion Reaches Final Investment Decision
ExxonMobil also reached FID on a 120 KTA Proxxima blending expansion in Louisiana, moving the project from evaluation into an approved investment stage.
Proxxima is ExxonMobil’s polyolefin thermoset resin system. The material is designed for applications requiring strength, corrosion resistance and lower weight, including composite rebar, industrial coatings, automotive components, wind-turbine components and subsea pipeline coatings.
The project’s blending scope could create demand across several industrial work packages as it advances into execution:
- Process and detailed engineering.
- Blending, mixing and material-handling equipment.
- Storage, transfer and loading systems.
- Pumps, piping, valves and specialty materials.
- Electrical, instrumentation and process controls.
- Electrical Buildings – LER, GIS, MCC, and PDC electrical buildings
- Civil, structural and building modifications.
- Fire protection, environmental controls and commissioning.
These are typical work categories for an industrial blending expansion and should not be interpreted as announced ExxonMobil awards.
Energy, Chemical and Specialty Products Accounted for a Combined $2.08 Billion in First-Half Capital
ExxonMobil’s Product Solutions organization combines its Energy Products, Chemical Products and Specialty Products businesses. Together, those units accounted for approximately $2.08 billion of first-half 2026 cash capital expenditures:
- Energy Products: $1.525 billion.
- Chemical Products: $489 million.
- Specialty Products: $66 million.
Energy Products includes refining and fuels infrastructure. Chemical Products includes petrochemical manufacturing, while Specialty Products includes lubricants, synthetics and high-value material platforms such as Proxxima.
The 120 KTA capacity applies specifically to the Louisiana Proxxima expansion. The broader Specialty Products capital total covers a portfolio of activity and should not be assigned to that project.
ExxonMobil’s Capital Plan Extends Through 2030
ExxonMobil’s corporate plan sets out the following capital ranges:
- 2026: $27 billion to $29 billion.
- 2027 through 2030: $28 billion to $32 billion annually.
The company has also outlined approximately $20 billion in lower-emission investments from 2025 through 2030 across carbon capture and storage, hydrogen, lithium, lower-emission fuels, Proxxima systems, carbon materials and projects intended to reduce emissions from ExxonMobil or third-party operations.
That amount is an aggregate multi-year program rather than a committed budget for one project or business. Individual projects will still move through their own commercial, engineering and approval gates.
Allstream Perspective
ExxonMobil’s second-quarter materials provide three different levels of project intelligence.
First, Uaru is a sanctioned development approaching offshore installation and commissioning, with a defined $12.7 billion investment, 250,000-barrel-per-day capacity and planned fourth-quarter 2026 startup.
Second, the potential ninth Guyana FPSO is an early development signal. A 2031 startup objective indicates that engineering and corporate planning must advance well before the end of this decade, but the project remains subject to the company’s planning and approval process. The four AI-identified opportunities sit even earlier in the pipeline and should be monitored as exploration prospects, not counted as projects.
Third, the Louisiana Proxxima expansion has reached FID and can now move toward engineering, procurement and construction execution. It is smaller than ExxonMobil’s offshore developments but relevant to contractors serving specialty materials, blending, storage, controls and industrial facilities.
The company’s reported capital expenditures reinforce the scale difference between these programs. Upstream accounted for more than four-fifths of the first-half total, while Product Solutions accounted for approximately $2.08 billion across refining, chemicals and specialty materials.
The next project-level evidence to monitor includes the Errea Wittu’s arrival in Guyana, offshore hook-up and first production; corporate-plan confirmation or sanctioning activity for a ninth FPSO; identification of the four additional Guyana opportunities; and engineering, procurement or construction announcements for the Louisiana Proxxima expansion.
