By Sabrina Valle
HOUSTON (Reuters) – Chevron Corp CEO Michael Wirth was paid $23.6 million in 2022, a 4% increase from the prior year while the median annual compensation for the oil giant’s employees fell 12%, a securities filing showed on Wednesday.
In addition to sky-high energy prices, cost-cutting measures including payroll reductions helped Chevron’s profit more than double in 2022 to a record $36.5 billion.
The median annual compensation for Chevron employees last year dropped to $161,488.
Under a new metric required by the U.S. Securities and Exchange Commission, Wirth’s “actual compensation paid” rose 60% to $86.7 million when equity awards, pension benefit adjustments and other compensation were factored in.
Chevron said the figure did not represent Wirth’s actual realized compensation as it includes equity-based awards – the value of which is not known until options are exercised or stock…
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