In the United States, employees of Exxon Mobil Corp (Exxon stock) are receiving pay raises higher than the rate of inflation just a few short weeks after the Texas oil giant posted its highest quarterly profit. This move highlights how strong 2022 has been for the fossil-fuel industry compared to other industries, such as technology and finance, which have been cutting jobs.
According to people familiar with the matter who asked not to be identified discussing non-public information, workers will see an average salary bump of 9%, and those who got promoted will see an additional 5% increase. Both of these increases are based on private information. The current value of the consumer price index in the United States is 7.7%.
According to statements made by spokeswoman Amy Von Walter on Wednesday, this is Exxon’s most significant compensation award in aggregate form in the past 15 years. Additionally, the company provides restricted stock options to 14,000 employees worldwide. This represents more than a fifth of the company’s workforce and is an increase from the previous year’s figure of 5,000. She stated that around one-third of employees worldwide had received promotions this year.
Following three challenging years, Exxon’s pay awards represent a turning point for rank-and-file workers in the oil and gas industry. Exxon froze salaries, conducted its first round of significant layoffs in decades, and stopped matching contributions to 401(k) plans (its traditional pension was unaffected). As a result, Exxon faced a higher employee turnover rate than had been typical in the company’s past. On average, it provided workers with wage raises lower than the inflation rate last year.
But rising prices for oil and gas in the wake of Russia’s invasion of Ukraine, combined with Chief Executive Officer Darren Woods’s vigorous efforts to slash costs, have helped Exxon’s fortunes turn around in recent years. The company has been in business for 152 years, and its profits for the second and third quarters were their most extensive.
According to those aware of the situation, an employ...
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