Like most of its peers, ExxonMobil (NYSE: XOM) had a blockbuster year in 2022, financially speaking. But when it comes to the dividend, it was increased a scant 3.4% in the fourth quarter. And when management reported full-year earnings, the dividend remained unchanged.

There's a reason for the modest 2022 hike and a reason why dividend investors expecting a hike early in 2023 are likely to be disappointed. 

When U.S. energy giant Exxon reported fourth-quarter and full-year 2022 results, the news was pretty impressive. Adjusted earnings per share rocketed to $3.40 per share in the fourth quarter of 2022 from $2.05 a year earlier. Full-year adjusted earnings tallied $14.06 per share, well more than double the $5.38 per share earned in 2021.

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Source Fool.com