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Exxon chief’s pay jumps 52% after oil boom

ExxonMobil paid its chief govt $36mn final yr, a 52 per cent enhance from 2021 and greater than double his 2020 pay after Russia’s warfare with Ukraine led to document earnings for oil corporations and a windfall for his or her high executives.

The US oil main awarded Darren Woods $25mn in inventory final yr, up from $13.5mn in 2021, it mentioned a regulatory submitting on Thursday. He was additionally awarded a $6.4mn money bonus, “in step with document earnings efficiency,” the submitting mentioned.

Woods’ awards cap a development of outsized paydays for business executives following final yr’s oil worth surge. Ben van Beurden, Shell’s former chief govt, acquired a complete of £9.7mn in 2022, up 53 per cent from 2021, because the oil group delivered a document $40bn in earnings.

BP chief govt Bernard Looney’s pay greater than doubled to £10mn final yr after the UK-listed power group delivered a document $28bn in earnings. Looney’s pay may have been greater however BP mentioned its board had used discretion to scale back his awards due to 4 fatalities at BP services final yr.

The sharp rise in power chief executives’ pay comes after oil and pure gasoline costs surged in 2022 following Russia’s invasion of Ukraine, which fuelled the very best inflation charges western international locations had seen in a long time, and lifted European power costs to ranges that dragged on development.

The excessive costs additionally propelled Large Oil to document earnings. Exxon led the business’s earnings bonanza with a $55.7bn revenue in 2022 and the world’s five-largest western companies — Exxon, Chevron, Shell, BP and TotalEnergies — raked in practically $200bn in mixed earnings.

As a part of new pay disclosures mandated by the US Securities and Change Fee, Exxon mentioned Woods’ “really paid” compensation final yr was $89.7mn, reflecting the soar in Exxon’s share worth. The corporate’s complete shareholder return, which incorporates dividends, soared 86 per cent in 2022, it famous.

Fairness awards normally comprise the majority of US executives’ pay and virtually 90 per cent of Woods’ “really paid” compensation stemmed from unvested inventory. The corporate’s shares ended 2022 at $110.30 up from $61.19 on the finish of 2021, Exxon mentioned.

Rival oil main Chevron mentioned on Wednesday that the pay for its chief govt, Michael Wirth, elevated 4 per cent to $23.6mn in 2022. His “really paid” compensation was $86.7mn, reflecting inventory worth positive factors.

Exxon didn’t instantly reply to requests for remark.