Fossil fuel CEOs are not just taking advantage of the Russian invasion of Ukraine to beg for more leases, they’re jacking up prices and their own pay. For the record, these profits have nothing to do with any vision, leadership, or strategy and it is a complete failure of oversight by their boards.
CEOs from 28 of the top oil and gas companies made a combined $394 million in total compensation in 2021. CEOs from these same oil and gas companies raked in, on average, $1.6 million more per person in 2021 than in 2020. Spikes in CEO total compensation include:
- Exxon CEO Darren Woods received a 50% bump in his total compensation in 2021, adding an extra $7.9 million to his $15 million in total compensation for 2020;
- W&T Offshore CEO Tracy Krohn made $4 million more in 2021 than 2020, a 290% pay bump;
- Marathon Petroleum CEO Michael Hennigan made over $21 million in 2021, over $5.6 million more than he took home in 2020.The CEOs’ eye-popping 2021 compensations featured $1,895,092 in raises and $31,791,009 in bonuses. This includes:
- A $4.5 million bonus for Chevron CEO Mike Wirth, bumping his 2021 total compensation north of $22 million;
- Marathon Oil CEO Lee Tillman getting a $3.5 million bonus to raise his 2021 total compensation to nearly $13 million;
- A $383,034 raise to Occidental CEO Vicki Hollub’s eight-figure total compensation;
- Over $16 million to Pioneer Natural Resources CEO Scott Sheffield, including a$200,000 pay raise.