Exxon Mobil Corporation (NYSE:XOM) Q2 2024 Earnings Conference Call August 2, 2024 8:30 AM ET
Company Participants
Jim Chapman - VP of IR
Darren Woods - Chairman, CEO
Kathy Mikells - SVP, CFO
Conference Call Participants
Neil Mehta - Goldman Sachs
Betty Jiang - Barclays
Doug Leggate - Wolfe Research
Devin McDermott - Morgan Stanley
John Royall - JP Morgan
Jason Gabelman - TD Cowen
Biraj Borkhataria - RBC
Stephen Richardson - Evercore
Roger Reed - Wells Fargo
Josh Silverstein - UBS
Bob Brackett - Bernstein Research
Operator
Good day, everyone, and welcome to this ExxonMobil Corporation Second Quarter 2024 Earnings Call. Today's call is being recorded. At this time I would like to turn the call over to the Vice President of Investor Relations, Mrs. Jennifer Driscoll. Please go ahead ma'am.
Jim Chapman
Good morning everyone. Welcome to ExxonMobil's Second Quarter 2024 Earnings Call. We appreciate you joining us. I'm Jim Chapman, Vice President, Treasurer and Investor Relations. I'm joined by Darren Woods, Chairman and CEO, and Kathy Mikells, Senior Vice President and CFO. This presentation and pre-recorded remarks are available on the Investor section of our website. They are meant to accompany the second quarter earnings news release, which is posted in the same location.
During today's presentation, we'll make forward-looking comments, including discussions of our long-term plans and integration efforts, which are still being developed and which are subject to risks and uncertainties. Please read our cautionary statement on Slide 2. You can find more information on the risks and uncertainties that apply to any forward-looking statements in our SEC filings on our website. Note that we also provided supplemental information at the end of our earnings slides, which are also posted on the website.
And now I'll turn it over to Darren for opening remarks.
Darren Woods
Good morning and thanks for joining us. ExxonMobil's performance remains strong. In the second quarter we delivered earnings of $9.2 billion, our second best second quarter results in the last 10 years. Just as important, we continue to improve the fundamental earnings power of the company, as Kathy covers in her prepared remarks available on our website. Our overall market conditions were softer in the second quarter. Oil prices remained firm.
As a reminder, at Brent between $60 and $80 a barrel real and 10-year average refinery and chemical margins, we expect to generate between $80 billion and $140 billion in cumulative surplus cash from 2024 to 2027. The Pioneer acquisition increases that even further. In the quarter, we once again set production records from our advantage assets in Guyana and the Permian. Including Pioneer, our Permian production surged to 1.2 million barrels per day. In product solutions, our sales of high-return performance products rose 5% sequentially to a new record.