By Paulo Trevisani

Exxon Mobil Corporation said Tuesday a strong dollar contributed to a decline in earnings last year in the chemical-products segment, even as foreign exchange had a favorable effect elsewhere.

The company reported earnings of $3.5 billion in 2022, down from $7 billion in 2021, in the chemical segment. It said the decline was due, in part, to "foreign exchange effects from a stronger U.S. dollar."

Exxon said FX was also a headwind in specialty products, where earnings fell to $2.4 billion from $3.3 billion.

On the other hand, Exxon said foreign exchange was a favorable factor in the energy-products segment, were it reported full-year earnings of $15 billion, reversing a $300 million loss in 2021.

The WSJ Dollar Index rose 7.8% in 2022, according to Dow Jones Market Data.

Write to Paulo Trevisani at paulo.trevisani@wsj.com

(END) Dow Jones Newswires

January 31, 2023 09:54 ET (14:54 GMT)

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