Exxon CEO's pay jumps 52% in 2022 following the war in Ukraine

After the war in Ukraine lifted oil prices and the company posted a record profit, Exxon Mobil Corp. Chief Executive Officer Darren Woods' compensation rose by 52% to $35.9 million in 2022 as a result of the company's growing success. 

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A proxy filing filed by the oil giant, released Thursday, revealed that the company's top five executives had a combined compensation package of almost $120 million for the year, driven mostly by stock awards. The salary of Woods was also increased by 10% in 2023, raising it to $1.9 million, which is a 10% increase from his salary in 2022. 

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Shell Plc's outgoing CEO Ben van Beurden was paid £9.7 million ($12.1 million) last year, a jump of 53% when compared to the salaries of the outgoing CEO of Chevron Corp. Mike Wirth's total compensation grew just 4% to $23.6 million in 2022.

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Whether it is natural gas in Europe or gasoline in the US, Exxon, and its leaders profited as the commodities markets oscillated last year, saddling consumers with higher energy costs as a result of higher energy costs. During the year, Exxon's annual profit and share price have both reached new record highs. The president of the United States, Joe Biden, has accused the company of making "more money than God.".

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The company's CEO, Brian Woods, defended the company's profits in 2022, explaining that Exxon's aggressive capital expenditures prior to and during the outbreak of the pandemic were crucial in keeping key markets supplied with energy during the period of shortages. 

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"We chose to invest counter-cyclically as part of our investment strategy years ago, well before the pandemic, and we were very successful," he said in January. "Despite conventional wisdom, we went against the grain and leaned in when others leaned out."