ExxonMobil cites success in Guyana for increasing salary of top Executives
Apr 09, 2025
Kaieteur News – Top executives of ExxonMobil Corporation (XOM) have increased their salaries since January 1, 2025 citing success in the company’s Guyana operations as justification.
Chairman and Chief Executive Officer, ExxonMobil, Darren Woods
In a SEC filing, the company shared the details of its upcoming Annual General Meeting with its shareholders. The meeting is scheduled to take place on May 28, 2025.
A key item on the agenda that has been proposed for shareholders to support its salary increases for top executives of the American oil major.
The company said, “At the meeting, shareholders will be asked to vote on a non-binding resolution to approve the compensation of the Named Executive Officers (NEOs) listed.” Further, the Board recommended that the shareholders approve the compensation of the Officers.
Kaieteur News understands that the listed Executives include Chairman and Chief Executive Officer, Darren Woods; Senior Vice President and Chief Financial Officer, Kathy Mikells; Senior Vice President, Neil A. Chapman; Senior Vice President, Jack P. Williams, Jr. and President, ExxonMobil Product Solutions Company, Karen T. McKee.
According to information, Woods’ annual salary moved from US$1,969,000 in 2024 to US$2,058,000. The other salary adjustments are as follows: Mikells from US$1,276,000 to $1,321,000; Chapman from US$1,259,000 to US$1,316,000; Williams from US$1,271,000 to $1,328,000; Ms. McKee from US$1,116,200 to $1,166,400.
It was stated in Chapman’s profile that he provided strategic and executive oversight in driving improved production mix through strategic divestments and sustained investment in advantaged assets.
His profile also indicates that he “grew Guyana and Permian production by 680,000 oil equivalent barrels (koebd) vs. 2023; sustained industry-leading project delivery and operations performance in Guyana, FPSO 1, 2, and 3 exceeding investment basis and FPSO 3 ahead of schedule, with FPSOs 4 and 5 on schedule for respective start-ups.”
On Monday, this newspaper reported that Woods boasted of the company’s record performance in 2024, despite the decline in oil prices.
He told shareholders of the Fortune 500 Company that in 2024, ExxonMobil outperformed other integrated oil companies (IOCs) across the board with US$33.7 billion of earnings, $55.0 billion of cash flow from operations, and $12.1 billion of structural cost savings, as compared to 2019.
According to Woods, “The past year provided the best look yet at the power of our transformed Company…our earnings were the third highest in the past decade, even as oil prices softened and chemical margins remained at bottom-of-cycle conditions.”
He also highlighted that growth in cash flow from the company’s operations were 8 percentage points above Exxon’s nearest competitor, underscoring the improvements over the past five years. Furthermore, over US$125B was distributed to shareholders during the period.
While the company boasted of its increased cash flow over the past five years, it would be important to note that Guyana commenced production activities in 2019, five years ago.
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