Chevron Boss, Not Exxon's, Was Highest Paid in 2017
09 Luglio 2018 - 01:29PM
Dow Jones News
By Patrick Thomas
Recently retired John Watson of the oil giant Chevron Corp.
topped the list of highest-paid energy bosses in the S&P 500,
taking home more in 2017 than his counterpart at Exxon Mobil
Corp.
Mr. Watson, 61, received $24.8 million in 2017, compared with
the $17.5 million that first-year Exxon chief Darren Woods was paid
last year, according to a Wall Street Journal analysis of pay data
from MyLogIQ LLC. Mr. Woods took over on Jan. 1 after Rex Tillerson
left Exxon to join the Trump administration.
It was the first time since Mr. Watson took over as CEO in 2010
that he outearned Exxon's leader. Before Mr. Watson's tenure,
Chevron's CEO sometimes out-earned Exxon's, even though Exxon is
larger in terms of revenue and market capitalization.
After 37 years at Chevron, Mr. Watson retired and was replaced
as CEO in February by Michael Wirth, who oversaw the company's
network of refining and pipeline assets.
The majority of Mr. Watson's pay was linked to performance, a
Chevron spokesman said. "Moreover, during John's tenure, Chevron's
stock outperformed its peer companies by a wide margin." In 2016,
only 54 percent of stockholders supported Mr. Watson's pay, but 93
percent of stockholders supported it in 2017 after his compensation
was changed to be more tied to stock awards and to rely less on
option awards, according to regulatory filings. His total
compensation in 2017 was about the same as it was in 2016.
Chevron posted a shareholder return of 10.6% for 2017, compared
with the median -3.3% for the S&P 500 energy sector. Exxon's
shareholder return was -3.8% last year. Total return reflects share
price appreciation and dividends.
The median pay for an energy sector CEO in the S&P 500 was
$12.7 million last year, according to the Journal analysis.
Four of the eight highest-paid CEOs of the 28 companies in the
S&P 500 energy sector ran refining and marketing companies.
Topping that group was Greg Garland, CEO of Phillips 66, who
received $23.7 million last year. Phillips 66 posted a 20.9%
shareholder return in 2017.
Despite surging crude oil prices, nine of the 13 exploration and
production companies in the group had negative shareholder returns.
Those 13 companies had a median CEO compensation of $12.2
million.
The Journal analysis encompassed S&P 500 energy companies
and excluded CEOs who changed jobs during the year or served less
than a full year. See the full list here:
--Theo Francis contributed to this article.
(END) Dow Jones Newswires
July 09, 2018 07:14 ET (11:14 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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