Chevron Corp CEO Michael Wirth was paid $23.6 million in 2022, a 4% increase from the prior year while the median annual compensation for the oil giant's employees fell 12%, a securities filing showed on Wednesday.
In addition to sky-high energy prices, cost-cutting measures, including payroll reductions, helped Chevron's profit more than double in 2022 to a record $36.5 billion.
The median annual compensation for Chevron employees last year dropped to $161,488.
Under a new metric required by the U.S. Securities and Exchange Commission, Wirth's "actual compensation paid" rose 60% to $86.7 million when equity awards, pension benefit adjustments, and other compensation were factored in.
Chevron said the figure did not represent Wirth's actual realized compensation as it includes equity-based awards - the value of which is not known until options are exercised or stock is sold.
According to shareholder advocacy group As You Sow, Wirth last year ranked 87th on a list of 100 CEOs that it says received unjustified pay levels. CEO compensations are set to rise 30% to an average of $38.1 million this year, according to As You Sow. Most companies approve compensations in the prior year.
(Reuters - Reporting by Sabrina Valle; Editing by Edwina Gibbs)