Surging oil prices amid war in Ukraine helped push Exxon CEO's pay up more than 50% in 2022
Exxon Mobil CEO Darren Woods received a staggering $35.9 million in total compensation last year, rising 52% from 2021 after the war in Ukraine triggered higher oil prices.
Most of that came from stock awards, and Woods was among the top five executives at Exxon who received a combined $120 million,Elsewhere, pay for rank-and-file employees at Exxon decreased. The median income fell 9% to $171,582 last year. Meanwhile, Woods' salary will increase 10% to $1.9 million in 2023. So far this year, Exxon stock is up about 5%.
The oil major notched record profits and saw shares jump nearly 80% last year as commodity markets whipsawed in 2022. Oil and natural gas prices surged as Russia's invasion sparked supply fears and led to Western sanctions on Moscow's exports. "more money than God"Woods has pushed back, and said again on Thursday that Exxon is reaping the benefits of a long-term plan.
"While our results benefited from a favorable market, our work to meet demand began years ago, well before the pandemic," he wrote in a letter to shareholders."We chose to invest counter-cyclically, leaning in when others leaned out. As a result, we made strong progress against our strategic priorities, including delivering industry-leading earnings, cash flows, and shareholder returns.
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