8/30/2014

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Business

Exxon CEO's compensation rises 3 percent to $28.1 million

Exxon CEO's compensation rises 3 percent to $28.1 million
ExxonMobil Chairman and CEO Rex Tillerson
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IRVING, Texas (AP) - The CEO of Exxon Mobil Corp. received compensation worth $28.1 million last year, a 3 percent increase over the previous year, according to an Associated Press analysis of a company regulatory filing.

Most of Rex W. Tillerson's compensation was in the form of stock awards, which the largest U.S. oil company valued at $21.3 million when they were granted.

His overall compensation for 2013 was up from $27.2 million in 2012, under The AP's calculation.

The AP analysis of Tillerson's compensation considered salary, bonus, perks and the estimated value of stock and option grants that the company reported Friday to the U.S. Securities and Exchange Commission. The calculation excluded changes in the present value of Tillerson's pension benefits.

Tillerson, 62, received a salary of $2.7 million, a 6 percent increase from a year ago, plus a cash bonus of nearly $3.7 million, which was down 20 percent because Exxon's earnings fell compared with 2012, the company said.

The value of Tillerson's stock awards increased $1.6 million, or 8 percent, from 2012, because of a rise in the company's share price. He received other compensation valued at $496,704. The biggest items in that miscellaneous category were $190,190 in matching contributions to a retirement plan and $177,140 for personal security.

Exxon earned $32.6 billion last year, a decrease of 27 percent from 2012, which was the company's second-best year ever, helped by high and rising oil prices. Exxon Mobil shares, however, rose 17 percent in a strong stock market during 2013. Through Thursday's close, they were down 4 percent in 2014.

Exxon produces oil around the world and is also the biggest producer of natural gas in the United States since it bought XTO Energy in 2010, a deal that hasn't lived up to expectations because of low gas prices. Tillerson, who also serves as chairman, has led the Irving-based company since 2006.
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