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Exxon Mobil XOM-N paid Chief Executive Officer Darren Woods $36.9-million in total compensation for 2023, up nearly 3 per cent from a year earlier, the oil major said in a regulatory filing on Thursday.

The median pay for an Exxon worker rose 8 per cent last year to $185,376.

Rival oil major Chevron’s CVX-N CEO Michael Wirth also saw total compensation increase by 12.2 per cent. He was paid $26.5-million in 2023.

The salary hikes come even as profits from oil majors have been down in 2023 by about a third from record levels in 2022, as oil and gas prices retreated after spiking when Russia invaded Ukraine.

Exxon ended 2023 with a $36-billion profit versus $55.7-billion it earned a year earlier.

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