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Viewpoint: How ExxonMobil’s drilling risks offshore Guyana reaped $1 Trillion in rewards

The tale of the Guyana discovery isn’t about taking swashbuckling risks for a huge payoff. Exxon, it turns out, is as much a financial engineering company as an oil explorer. It hedged its bets, reduced its exposure and bought itself an option to make a fortune on an unlikely outcome.

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