ExxonMobil Corp. (NYSE: XOM) Chairman and CEO Darren Woods's compensation package rose about 4% last year to $17.5 million, his first year running the world's largest publicly traded oil producer.
The pay increase came as ExxonMobil's profit more than doubled in 2017 thanks to rising crude oil prices and as the company launched or added to major expansions in Brazil, the U.S. and Guyana.
Still, Woods has had to grapple with a string of operational mistakes made by his predecessor, former U.S. Secretary of State Rex Tillerson. ExxonMobil's stock has fallen about 14% since Woods took office in January 2017.
Woods's 2017 compensation package included a 20% increase in his salary to $1.2 million and a 50% increase in his bonus to $1.8 million, among other items, ExxonMobil said in a regulatory filing on April 12.
For 2018, Woods's salary was boosted again to $1.4 million, though the company did not break out other compensation items for this year.
Woods, for his 2017 compensation package, received 10% fewer shares as part of a stock award program. The value of smaller perks—including personal use of the company jet—fell about 50% to $282,544.
ExxonMobil, like many peers, has its CEOs travel on company-owned aircraft, even for personal matters.
Woods's compensation in 2017 was 108 times larger than the median compensation of $161,562 for ExxonMobil's roughly 70,000 employees.
ExxonMobil shareholders will meet on May 30 in Dallas for a nonbinding vote on the executive pay package at the company's annual meeting.
Shareholders will also vote on a slate of 10 directors for ExxonMobil's board. Michael Boskin, a Stanford University professor, is not standing for re-election as he has reached the board's retirement age of 72.
Shareholders will also consider resolutions on requiring the company to have an independent chairman, the threshold required to hold an annual meeting, board diversity and lobbying.
There are no shareholder resolutions related to climate change for the 2018 meeting. Shareholders approved a non-binding proposal at last year's meeting for ExxonMobil to prepare a report on its response to climate change. That report was released in February, though some shareholders have said it does not provide enough detail.