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."
Why Your Ongoing Support Is Essential
Donald Trump’s attacks on democracy, justice, and a free press are escalating — putting everything we stand for at risk. We believe a better world is possible, but we can’t get there without your support. Common Dreams stands apart. We answer only to you — our readers, activists, and changemakers — not to billionaires or corporations. Our independence allows us to cover the vital stories that others won’t, spotlighting movements for peace, equality, and human rights. Right now, our work faces unprecedented challenges. Misinformation is spreading, journalists are under attack, and financial pressures are mounting. As a reader-supported, nonprofit newsroom, your support is crucial to keep this journalism alive. Whatever you can give — $10, $25, or $100 — helps us stay strong and responsive when the world needs us most. Together, we’ll continue to build the independent, courageous journalism our movement relies on. Thank you for being part of this community. |
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.