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Exxonmobil CEO Darren Woods received $44.1 million in 2024, an increase of 19.3% over the previous year.
The package included the salary, stock options and bonuses for Exxon bosses, the largest oil producer in the United States. The company’s shares rose roughly 8% last year, compared to a 23% increase in the broader S&P 500 index.
Woods’ wages are compared to the $32.7 million paid to rival US Super Mayor Chevron boss Mike Worth, an increase of 19.5% from the previous year.
Compensation for both US oil chiefs far outweighed transatlantic compensation. Shell CEO Wael Sawan earned £8.6 million ($11 million), while BP’s Murray Auchincloss raised £5.4 million. Sawan’s salary increased 11.5%, but fell 30% amid a decline in Auchincloss’ profits.
The wage contradiction between US oil majors and their transatlantic peers underscores the growing disparity between groups as US oil and gas companies enjoy higher market caps and benefit from a more favorable investor environment for fossil fuels. Exxon has a market value of approximately $452.7 billion, with $24.65 billion for Chevron, $187.2 billion for Shell and $73.2 billion for BP.
President Donald Trump’s recent announcement to enact tariffs on Washington’s trading partners has caused problems for the oil major as global oil markets have been shaking, cutting back on profits in certain regions and having to compete with lower oil prices that could undermine the economy of oil production.
Global benchmark Brent crude has dropped by more than 14% in the last five days due to fearing the possibility of a global recession.
Analysts at Goldman Sachs on Sunday cut oil price forecasts, predicting the high risk of a “stuck” US economy and a recession. They expect Brent crude to trade in 2026 at a barrel average of $58.
