ExxonMobil’s earnings more than halved in the third quarter and failed to meet analysts’ expectations.

The oil company’s shares fell 0.3% in the US premarket.

Measured on a per-share basis, Exxon ended Q3 with a profit of USD 2.27 against an expected USD 2.36 according to Bloomberg News.

Total profits dropped to USD 9.1bn compared to USD 19.7bn a year ago, but nevertheless represent an increase of 15% from the previous quarter.

The focus is now on the completion of Exxon’s largest acquisition in a generation, according to the Wall Street Journal.

This refers to the acquisition of shale oil producer Pioneer Natural Resources for USD 64bn at the beginning of October.

Despite the acquisition, Exxon still has the muscle to lift the quarterly dividend to 95 cents from 91 cents. This is 1 cent more than expected according to Bloomberg News.

(Translated using DeepL with additional editing by Kristoffer Grønbæk)