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Exxon Mobil on Friday reported third quarter earnings that fell year over year, as oil prices tumbled due in large part to OPEC+ increasing production.

Exxon’s net income fell 12% to $7.55 billion, or $1.76 per share, compared to $8.6 billion, or $1.92 per share, in the year ago period. Excluding one-time items, the oil major posted earnings per share of $1.88.

U.S. crude oil prices have fallen about 16% this year as OPEC+ is increasing production and President Donald Trump’s tariffs have the market worried about an economic slowdown.

Exxon shares were down more than 1% in premarket trading.

Here is what Exxon reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

• Earnings per share: $1.88 adjusted.
• Revenue: $85.3 billion, vs. $87.7 billion expected

CEO Darren Woods said Exxon posted its highest earnings per share compared to similar quarters when oil prices were falling. Profits also took a hit due to bottom-of-cycle margins in its chemicals business.

However, production in Exxon’s lucrative offshore assets in the South American nation of Guyana hit a quarterly record of more than 700,000 barrels per day. Its assets in the Permian Basin also set a production record of nearly 1.7 million bpd.

Overall, Exxon produced 4.77 million bpd in the quarter.

Exxon’s production business recorded earnings of $5.68 billion, while its refining business posted a profit of $1.8 billion. Its chemicals product business saw earnings of $515 million.

The oil major’s capital expenditures stand at about $21 billion so far this year. It expects spending in 2025 to come in slightly below the lower end of its guidance range of $27 billion to $29 billion.

Exxon gave back $9.4 billion to shareholders in the quarter and raised its fourth-quarter dividend to $1.03 per share.