Exxon Says Strong Dollar Trimmed Earnings in Chemical Segment -- Currency Comment
31 Janvier 2023 - 4:09PM
Dow Jones News
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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