Exxon CEO’s pay jumps 52% to $47.6m in 2022 after war in Ukraine lifted oil prices
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Mr Darren Wood’s pay totaled S$47.5 million last year, driven mostly by stock awards,
PHOTO: REUTERS
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Houston - ExxonMobil chief executive Darren Woods received a 52 per cent pay increase in 2022, making his total compensation higher than the CEOs of Goldman Sachs and JPMorgan Chase & Co.
Mr Woods’ pay totalled US$35.9 million (S$47.6 million) in 2022, driven mostly by stock awards, part of nearly US$120 million shared among the oil giant’s five top executives, according to the company’s proxy filing published on Thursday.
Mr Woods also received a 10 per cent increase in his 2023 salary, raising it to US$1.9 million.
The increase comes at a time when traditionally high-paying companies in finance and tech are holding steady or even reducing compensation after a tough year for markets.
By comparison, Chevron CEO Mike Wirth’s total compensation climbed just 4 per cent in 2022 to US$23.6 million, while JPMorgan’s Jamie Dimon and Goldman’s David Solomon received US$34.5 million and US$25 million respectively.
Shell’s outgoing CEO Ben van Beurden received a 53 per cent bump, but his pay totalled just £9.7 million (S$16.1 million) last year.
The payout underscores how Exxon and its leaders profited as commodity markets whipsawed in 2022 after Russia invaded Ukraine,
Exxon’s annual profit and share price both hit record highs during the year. United States President Joe Biden accused the company of making “more money than God”.
Mr Woods defended his company, saying Exxon’s aggressive capital spending before and during the Covid-19 pandemic was crucial in keeping key markets supplied with energy when shortages occurred.
“Our work began years ago, well before the pandemic, and we chose to invest counter-cyclically,” he had said in January. “We leaned in when others leaned out, bucking conventional wisdom.”
Mr Woods’ strategy also relied on extensive cost-cutting. He has reduced the workforce to the lowest since the merger with Mobil more than two decades ago, merged business divisions and sold assets as part of a plan to save US$9 billion in annual costs. That is enough to pay for about two-thirds of the company’s annual dividend. BLOOMBERG
