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Exxon Mobil (NYSE:XOM) disclosed CEO Darren Woods’ total compensation rose 2.8% to $36.9M last year, according to a new SEC filing Thursday.
Woods’ base salary was worth ~$1.9M, with the vast majority of his pay package based on variable factors such as a $4.8M bonus and stock-based awards.
The CEO’s total pay was 199x the median pay for an Exxon (XOM) worker, which improved 8% to $185,376.
Chevron (CVX) reported CEO Michael Wirth’s total 2023 compensation increased 12.2% to $26.5M, or equal to ~150x the $175,673 average pay for the company’s employees.
The pay packages for the U.S. supermajors far exceeded their European counterparts, as Shell (SHEL) CEO Wael Sawan collected ~$9.9M and BP (BP) boss Murray Auchincloss, who took the helm in September, made ~$10M.
The discrepancy comes as the European firms are increasingly seen as “massively undervalued” – Exxon’s (XOM) market cap totals ~$480M and Chevron’s (CVX) is ~$300B, compared to $230B for Shell (SHEL) and $110B for BP (BP).