Posted on Apr 14, 2023
Exxon CEO's pay rose 52% in 2022, highest among oil peers
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Looking for a real explanation of recent inflation, in particular in the energy sector? You might want to start with this. Corporate greed is 50% of the inflation equation.
The largest U.S. oil company on Thursday disclosed Chief Executive Darren Woods was paid $35.9 million last year.
Oil company workers did not see the same level of increases with median annual compensation for workers declining at several big energy companies. The median pay for an Exxon worker fell 9% last year to $171,582 while Chevron's median worker pay dropped 12%, to $161,488, filings showed.
The largest U.S. oil company on Thursday disclosed Chief Executive Darren Woods was paid $35.9 million last year.
Oil company workers did not see the same level of increases with median annual compensation for workers declining at several big energy companies. The median pay for an Exxon worker fell 9% last year to $171,582 while Chevron's median worker pay dropped 12%, to $161,488, filings showed.
Exxon CEO's pay rose 52% in 2022, highest among oil peers
Posted from reuters.com
Oil and Energy
Business
Economy
Posted >1 y ago
Responses: 2
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Three things:
1) $161K is still pretty damned good money.
2) I highly suspect this is another case of using statistics to tell a fact that is still a lie. Median is the exact center. Put ALL OF the salaries on a list, top to bottom. The one in the EXACT middle is the median. Why is this important? Because median salaries OFTEN fall in good times. Give everyone a $2/hr wage bump. Now hire 1,000 new entry level employees at the very bottom of the pay scale. Guess what? Median pay dropped. The inverse is true in hard times. Fire 1,000 employees, of which 950 are in the bottom tiers of wages, and Median pay rises.
Median pay is a good number to use when doing very broad comparisons of different companies or looking at broad scale pay in industries, or even broad scale pay over a long time. Conglomerating mostly erases those variations due to hiring and firing.
But on a short-scale basis (i.e. month over month or year over year) Median pay is very unreliable. Especially when isolating by individual company.
A better scale to use (although much more difficult and time consuming to produce) is pay by position.
3) All the above notwithstanding, yes, these CEOs are making too damned much. BUT... if the board agrees to that pay, it is not our job to tell them how to run their company. Of course, we may want to find different companies to do business with.
1) $161K is still pretty damned good money.
2) I highly suspect this is another case of using statistics to tell a fact that is still a lie. Median is the exact center. Put ALL OF the salaries on a list, top to bottom. The one in the EXACT middle is the median. Why is this important? Because median salaries OFTEN fall in good times. Give everyone a $2/hr wage bump. Now hire 1,000 new entry level employees at the very bottom of the pay scale. Guess what? Median pay dropped. The inverse is true in hard times. Fire 1,000 employees, of which 950 are in the bottom tiers of wages, and Median pay rises.
Median pay is a good number to use when doing very broad comparisons of different companies or looking at broad scale pay in industries, or even broad scale pay over a long time. Conglomerating mostly erases those variations due to hiring and firing.
But on a short-scale basis (i.e. month over month or year over year) Median pay is very unreliable. Especially when isolating by individual company.
A better scale to use (although much more difficult and time consuming to produce) is pay by position.
3) All the above notwithstanding, yes, these CEOs are making too damned much. BUT... if the board agrees to that pay, it is not our job to tell them how to run their company. Of course, we may want to find different companies to do business with.
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