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Exxon Mobile (NYSE:XOM) said CEO Darren Woods’ total compensation increased 2.8% to $36.9 million last year, according to a new SEC filing Thursday.
Woods’ base salary was worth approximately $1.9 million, with the vast majority of his compensation package based on variable factors such as $4.8 million bonuses and stock awards.
The CEO’s total compensation was 199 times the average salary of an Exxon (XOM) worker, increased 8% to $185,376.
Chevron (CVX) reported that CEO Michael Wirth’s total compensation in 2023 increased 12.2% to $26.5 million, or about 150 times the average pay of $175,673 for the company’s employees.
Pay packages for US supermajors far exceeded those of their European counterparts, as Shell (SHEL) CEO Wael Sawan collected around $9.9 million and BP (BP) chief Murray Auchincloss, who took the helm in September, earned about $10 million.
The discrepancy stems from the fact that European companies are increasingly seen as “massively undervalued”: Exxon’s (XOM) market capitalization is around $480 million and Chevron’s (CVX) is around $300 billion, compared to Shell’s (SHEL) $230 billion and BP’s $110 billion. (BP).