In aggregate, it’s the Irving-based oil giant’s biggest salary award in 15 years.
Exxon’s pay awards mark a turning point following three tough years for rank-and-file oil and gas workers.Exxon Mobil Corp. is awarding U.S. employees above-inflation pay increases just weeks after the Irving-based oil giant posted its highest quarterly profit, underlining how strong 2022 has been for the fossil-fuel industry while other sectors like technology and finance cut jobs.
Workers will receive an average salary bump of 9%, and those who got promoted will see a further 5% increase, according to people familiar with the matter who asked not be identified discussing non-public information. The current U.S. consumer price index is 7.7%. In aggregate, it’s Exxon’s biggest salary award in 15 years, spokeswoman Amy Von Walter said Wednesday. The company is also giving restricted stock options to 14,000 employees globally, which is more than a fifth of its total workforce and up from 5,000 last year. About a third of employees globally received promotions this year, she said.
Exxon’s pay awards mark a turning point following three tough years for rank-and-file oil and gas workers. Exxon froze salaries, carried out its first mass layoff in decades and suspended its 401 match . Exxon subsequently experienced a level of employee attrition above the historical norm. Last year, it gave workers below-inflation pay increases, on average.
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