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Exxon Mobil boosts pay for CEO, top executives

12/05/2022 | 02:05pm EST

STORY: Exxon Mobil, the largest oil company in the U.S., is boosting the compensation of its CEO and other top executives for next year.

Chief Executive Darren Woods will earn a base salary of $1.88 million in 2023, a raise of more than $100,000 from the year before, according to a filing.

And Kathryn Mikells, who became the company's chief financial officer 16 months ago, will receive $1.22 million in pay for 2023.

But these are just base salaries, which represent less than 10% of total pay. Stock awards and bonuses make up the lion's share of what Exxon's top brass pocket every year.

CEO Woods, for example, was awarded a total compensation of $23.6 million in 2021.

The pay hikes come barely a month after Exxon posted record quarterly profits as sanctions on Russia sent crude and gas prices soaring to dizzying heights.

The oil industry's windfall profits this year has attracted the attention of U.S. President Joe Biden, who has accused the sector of war profiteering and said Exxon was making "more money than God."

Biden has repeatedly called on U.S. oil and gas companies to use their record profits to increase production and reduce pump prices for Americans.


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BRASS CORPORATION 1.66% 1042 Delayed Quote.-5.36%
BRENT OIL 0.20% 85.66 Delayed Quote.-1.80%
EXXON MOBIL CORPORATION 2.16% 116.01 Delayed Quote.2.96%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -0.67% 70.08 Delayed Quote.-4.54%
WTI 0.12% 79.328 Delayed Quote.-0.08%
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