SUBSCRIBE TO OUR FREE NEWSLETTER
Daily news & progressive opinion—funded by the people, not the corporations—delivered straight to your inbox.
5
#000000
#FFFFFF
5
#000000
#FFFFFF
Chevron CEO Mike Wirth speaks during the CERAWeek oil summit in Houston, Texas, on March 19, 2024.
(Photo: Mark Felix/AFP via Getty Images)
Chevron CEO Pay Jumped to $26.5 Million During Hottest Year on Record
News of Mike Wirth's 2023 compensation came after March was deemed the 10th month in a row to be the hottest ever recorded.
Apr 10, 2024
The chief executive of the U.S. oil giant Chevron saw his pay jump by more than 12% in 2023 as continued emissions from fossil fuel corporations helped push global temperatures to record heights.
Citing a new securities filing, Reuters reported Wednesday that Chevron CEO Mike Wirth received $26.5 million in total compensation last year. Chevron, the second-largest oil company in the U.S. by revenue, reported $21.3 billion in profits in 2023—a haul it used to lavish shareholders with buybacks and dividends.
News of Wirth's 2023 compensation came a day after the European Union's Copernicus Climate Change Service (C3S) announced that last month was the hottest March on record globally. The organization said March marked "the 10th month in a row that is the warmest on record for the respective month of the year."
Samantha Burgess, deputy director of C3S, said in a statement that "March 2024 continues the sequence of climate records toppling for both air temperature and ocean surface temperatures."
"Stopping further warming requires rapid reductions in greenhouse gas emissions," Burgess stressed.
But oil giants like Chevron, the primary drivers of the global climate emergency, have been rolling back their already tepid climate commitments and buying up rival oil producers—a signal that the industry is bent on continuing to drill as much as possible despite increasingly dire warnings from scientists.
A Carbon Majors report released earlier this week found that Chevron is one of just 57 oil, gas, coal, and cement producers responsible for 80% of global CO2 emissions from those industries.
A separate analysis published last month by Global Witness estimated that the emissions of Chevron, Shell, TotalEnergies, ExxonMobil, and BP could cause 11.5 million additional premature deaths around the world before the end of the century.
"In the past few months, ExxonMobil and Chevron have invested more than $100 billion into new oil and gas reserves," the human rights group noted. "BP and Shell weakened their climate pledges. And TotalEnergies plans to ramp up production in the next few years."
"Fossil fuel companies' systematic spreading of climate change denial, combined with lobbying, has slowed the transformation towards an energy system built on renewables," Global Witness added. "And yet, the supermajors are asking us to trust them, to allow them to be the ultimate arbiter, despite the massive profits they're making."
An Urgent Message From Our Co-Founder
Dear Common Dreams reader, The U.S. is on a fast track to authoritarianism like nothing I've ever seen. Meanwhile, corporate news outlets are utterly capitulating to Trump, twisting their coverage to avoid drawing his ire while lining up to stuff cash in his pockets. That's why I believe that Common Dreams is doing the best and most consequential reporting that we've ever done. Our small but mighty team is a progressive reporting powerhouse, covering the news every day that the corporate media never will. Our mission has always been simple: To inform. To inspire. And to ignite change for the common good. Now here's the key piece that I want all our readers to understand: None of this would be possible without your financial support. That's not just some fundraising cliche. It's the absolute and literal truth. We don't accept corporate advertising and never will. We don't have a paywall because we don't think people should be blocked from critical news based on their ability to pay. Everything we do is funded by the donations of readers like you. Will you donate now to help power the nonprofit, independent reporting of Common Dreams? Thank you for being a vital member of our community. Together, we can keep independent journalism alive when it’s needed most. - Craig Brown, Co-founder |
Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.
The chief executive of the U.S. oil giant Chevron saw his pay jump by more than 12% in 2023 as continued emissions from fossil fuel corporations helped push global temperatures to record heights.
Citing a new securities filing, Reuters reported Wednesday that Chevron CEO Mike Wirth received $26.5 million in total compensation last year. Chevron, the second-largest oil company in the U.S. by revenue, reported $21.3 billion in profits in 2023—a haul it used to lavish shareholders with buybacks and dividends.
News of Wirth's 2023 compensation came a day after the European Union's Copernicus Climate Change Service (C3S) announced that last month was the hottest March on record globally. The organization said March marked "the 10th month in a row that is the warmest on record for the respective month of the year."
Samantha Burgess, deputy director of C3S, said in a statement that "March 2024 continues the sequence of climate records toppling for both air temperature and ocean surface temperatures."
"Stopping further warming requires rapid reductions in greenhouse gas emissions," Burgess stressed.
But oil giants like Chevron, the primary drivers of the global climate emergency, have been rolling back their already tepid climate commitments and buying up rival oil producers—a signal that the industry is bent on continuing to drill as much as possible despite increasingly dire warnings from scientists.
A Carbon Majors report released earlier this week found that Chevron is one of just 57 oil, gas, coal, and cement producers responsible for 80% of global CO2 emissions from those industries.
A separate analysis published last month by Global Witness estimated that the emissions of Chevron, Shell, TotalEnergies, ExxonMobil, and BP could cause 11.5 million additional premature deaths around the world before the end of the century.
"In the past few months, ExxonMobil and Chevron have invested more than $100 billion into new oil and gas reserves," the human rights group noted. "BP and Shell weakened their climate pledges. And TotalEnergies plans to ramp up production in the next few years."
"Fossil fuel companies' systematic spreading of climate change denial, combined with lobbying, has slowed the transformation towards an energy system built on renewables," Global Witness added. "And yet, the supermajors are asking us to trust them, to allow them to be the ultimate arbiter, despite the massive profits they're making."
The chief executive of the U.S. oil giant Chevron saw his pay jump by more than 12% in 2023 as continued emissions from fossil fuel corporations helped push global temperatures to record heights.
Citing a new securities filing, Reuters reported Wednesday that Chevron CEO Mike Wirth received $26.5 million in total compensation last year. Chevron, the second-largest oil company in the U.S. by revenue, reported $21.3 billion in profits in 2023—a haul it used to lavish shareholders with buybacks and dividends.
News of Wirth's 2023 compensation came a day after the European Union's Copernicus Climate Change Service (C3S) announced that last month was the hottest March on record globally. The organization said March marked "the 10th month in a row that is the warmest on record for the respective month of the year."
Samantha Burgess, deputy director of C3S, said in a statement that "March 2024 continues the sequence of climate records toppling for both air temperature and ocean surface temperatures."
"Stopping further warming requires rapid reductions in greenhouse gas emissions," Burgess stressed.
But oil giants like Chevron, the primary drivers of the global climate emergency, have been rolling back their already tepid climate commitments and buying up rival oil producers—a signal that the industry is bent on continuing to drill as much as possible despite increasingly dire warnings from scientists.
A Carbon Majors report released earlier this week found that Chevron is one of just 57 oil, gas, coal, and cement producers responsible for 80% of global CO2 emissions from those industries.
A separate analysis published last month by Global Witness estimated that the emissions of Chevron, Shell, TotalEnergies, ExxonMobil, and BP could cause 11.5 million additional premature deaths around the world before the end of the century.
"In the past few months, ExxonMobil and Chevron have invested more than $100 billion into new oil and gas reserves," the human rights group noted. "BP and Shell weakened their climate pledges. And TotalEnergies plans to ramp up production in the next few years."
"Fossil fuel companies' systematic spreading of climate change denial, combined with lobbying, has slowed the transformation towards an energy system built on renewables," Global Witness added. "And yet, the supermajors are asking us to trust them, to allow them to be the ultimate arbiter, despite the massive profits they're making."
We've had enough. The 1% own and operate the corporate media. They are doing everything they can to defend the status quo, squash dissent and protect the wealthy and the powerful. The Common Dreams media model is different. We cover the news that matters to the 99%. Our mission? To inform. To inspire. To ignite change for the common good. How? Nonprofit. Independent. Reader-supported. Free to read. Free to republish. Free to share. With no advertising. No paywalls. No selling of your data. Thousands of small donations fund our newsroom and allow us to continue publishing. Can you chip in? We can't do it without you. Thank you.