Exxon Mobil’s third quarter profit has declined compared with last year when the oil giant put up record numbers due to soaring crude prices – but net income was up 15% compared with the previous quarter. It also raised its quarterly dividend.

Exxon Mobil is buying Pioneer Natural Resources in an all-stock deal valued at 59. 5 billion US dollars (£48bn), its largest buyout since acquiring Mobil two decades ago, and creating a colossal fracking operator in West Texas.

Exxon Mobil posted record annual profits in 2022 as prices rose for petrol, home heating and consumer goods. The oil giant brought in 12. 75 billion dollars (£10. 36 billion) in profits in the fourth quarter, bringing annual profits to 55.

Oil giant Exxon reported a staggering loss for 2020 on Tuesday as the pandemic crushed energy demand and undercut oil prices. Exxon Mobil Corporation reported the largest losses in its history — nearly 20. 1 billion dollars (£14.