If pet does 51% dmg or more, it eats half xp.
The Damage Shield on a pet is Neutral Damage, does not count towards the pets dmg.
In group settings pets will eat 50% of the exp if they do more then 51% of the dmg to a mob. So say your two mages grouped together and each pet does 26% of the dmg or 26%/25%, they eat xp.
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