ExxonMobil and Chevron Report $18.3 Billion Combined Profit Totals As CEOs’ Salaries Rise

WASHINGTON, D.C. – Today, ExxonMobil and Chevron reported $11.6 billion and $6.7 billion in first quarter profits – up 31.53% and 3.07% from the same time period last year, respectively. Exxon spent $4.3 billion on buybacks and $3.7 billion on dividends, and Chevron spent $3.8 billion on buybacks and $$2.9 billion on dividends to reward their wealthy shareholders. 

Last year, the oil and gas industry made a record $400 billion in profits and rewarded CEOs accordingly. ExxonMobil CEO Darren Woods’ total compensation increased by 52% last year, from $23.6 million in 2021 to $35.95 million in 2022. Meanwhile, median employee compensation at Exxon went down by 9%. Chevron CEO Michael Wirth got a compensation bump from $22.6 million to $23.6 million, a 146:1 pay ratio to the median employee. 

Despite record gains, most of the top U.S. oil and gas companies paid little to no taxes in 2021 and 2022. None of the companies we tracked – including Exxon and Chevron – paid the full statutory 21% corporate income tax rate. If every company had, it would have generated an additional $21.1 billion in revenue for the federal government. Now, Congressional Republicans are trying to roll back vital investments and thousands of jobs created by the Inflation Reduction Act as a handout to their Big Oil allies.