Pain At The Pump, But Not For Exxon Mobil CEO — Here's How Big Of A Raise He's Getting

Zinger Key Points
  • The executive salary increases came just after the oil business reported record earnings.
  • The oil industry's record profits this year have attracted the attention of President Joe Biden.
Pain At The Pump, But Not For Exxon Mobil CEO — Here's How Big Of A Raise He's Getting

The yearly base pay of Exxon Mobil Corp XOM CEO Darren Woods and CFO Kathryn Mikells will be increased, the company announced Monday.

According to the company's filing, Woods' yearly salary will be $1.88 million, up from $1.7 million this year.

Mikellis will earn $1.22 million in base pay next year.

The oil giant also increased the pay of its senior vice presidents beginning Jan. 1, 2023.

Reuters noted base salaries account for less than 10% of overall compensation, while stock awards and bonuses account for the majority of Exxon executives' earnings each year.

With that in mind, Exxon awarded Woods $23.6 million in total salary in 2021 and $15.6 million in 2020.

The executive salary increases came just after the oil business reported record earnings, sending its shares to all-time highs, as sanctions on Russia pushed crude and gas prices skyrocketing this year.

Read Also: Gas Pump Prices Continue To Fall In US, But Some States Have Further To Go

The oil industry's record profits this year have attracted the attention of President Joe Biden, who accused Exxon of "making more money than God."

Biden has frequently urged U.S. oil and gas firms to use their record profits to expand output and lower pump prices for Americans.

Read Next: Exxon-Mobil Merger Creates Largest Company In The World On This Day In Market History

Photo: Del Henderson Jr via Shutterstock

Posted In: Darren WoodsExecutive CompensationgasKathryn MikellsOiloil and gasLarge CapNewsCommoditiesTopicsMarketsGeneral