The Strategist

ExxonMobil chief's pay grows by 52%

04/17/2023 - 03:30

ExxonMobil CEO Darren Woods received $36 million in total compensation last year.

Tony Webster
Tony Webster
The figure climbed more than twice as much as it did from 2020 to 2021, showing a 52% increase, as follows from ExxonMobil’s submitted to the US Securities and Exchange Commission. Mr. Woods received a $6.4 million cash incentive and $13.5 million worth of company stock.

The majority of oil and gas businesses were able to significantly increase their revenue and profits in 2022 due to rising global oil prices. ExxonMobil, in particular, had a successful year with a record net income of $55.7 billion at year's end—more than doubling from 2021. Exxon, Chevron, Shell, BP, and TotalEnergies, the top five oil and gas firms, reported combined profits of $200 billion in 2022.

Salaries of CEOs of other oil and gas corporations have also increased. Ben van Beurden, the former CEO of Shell, received a pay increase of 50% to $11.6 million in 2022 (after leaving his position on January 1). The salary of BP CEO Bernard Looney increased to $12 million last year.