Exxon CEO’s Pay Package Up 33% in ’05

Exxon Mobil Corp., the world’s largest oil company, raised Chief Executive Rex Tillerson’s pay by 33% last year to $13 million as record energy prices boosted the company’s profit to the highest in U.S. history.

Exxon Mobil increased Tillerson’s salary 22% to $1.17 million and raised his bonus 25% to $1.25 million, the Irving, Texas-based company said Wednesday in a filing with the Securities and Exchange Commission. Tillerson was president until he succeeded Lee Raymond as chairman and CEO on Jan. 1.

Tillerson’s restricted stock awards rose 30% to $8.75 million. Other compensation, including use of the company’s aircraft, totaled $1.87 million.

Tillerson was the second-highest-ranking executive at Exxon Mobil last year when surging worldwide fuel demand and hurricanes in the Gulf of Mexico pushed oil prices to a record. The company’s net income jumped to $36.1 billion last year. Revenue climbed to $328 billion, exceeding the gross national products of countries such as Taiwan, Norway and Argentina.

Exxon Mobil’s 43% increase in 2005 net income was the biggest among the world’s five largest oil companies. The Hague-based Royal Dutch Shell was No. 2 with a 37% increase, followed by France’s Total and London-based BP. Chevron Corp. had the smallest profit growth at 5.8%.

Tillerson plans to spend $100 billion in five years searching for untapped oil deposits, expanding refineries and building liquefied-gas terminals. His 2006 salary was set at $1.5 million.