Chevron CEO Michael Wirth's pay rises to $32.7 million in 2024

(Reuters) -U.S. oil major Chevron said on Friday its Chairman and Chief Executive Officer Michael Wirth was paid $32.7 million in 2024, according to a filing with the Securities and Exchange Commission.

The total compensation received by Wirth represents a 23.4% increase from the prior year.

However, the median annual compensation for Chevron employees, in the U.S. and abroad, last year fell 6.8% to $163,744, compared with an 8.7% rise to $175,673 in 2023.

Earlier in February, the company said it would lay off 15% to 20% of its global workforce by the end of 2026 as it is targeting up to $3 billion in cost cuts, simplifying its business and completing a major acquisition.

Its $53-billion deal to acquire oil producer Hess and gain a foothold in Guyana's lucrative oilfield is in limbo due to a court battle with larger rival Exxon Mobil, which has outperformed it with production growth.

Chevron employed 45,298 people as of 2024, including 5,556 people at its service stations.

(Reporting by Pooja Menon in Bengaluru; Editing by Alan Barona)

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