Chevron’s Chairman and Chief Executive Officer, Michael Wirth, received a total compensation of $32.7 million in 2024, marking a 23.4% increase from the previous year, according to a recent filing with the Securities and Exchange Commission.
In contrast, the median annual compensation for Chevron employees worldwide decreased by 6.8% to $163,744 in 2024, following an 8.7% rise to $175,673 in 2023.
In February 2025, Chevron announced plans to reduce its global workforce by 15% to 20% by the end of 2026, aiming for up to $3 billion in cost savings. This initiative is part of the company’s strategy to streamline operations and enhance long-term competitiveness.
Additionally, Chevron’s $53 billion agreement to acquire oil producer Hess, intended to secure a stake in Guyana’s lucrative oilfields, is currently in limbo due to a legal dispute with larger rival Exxon Mobil.
As of 2024, Chevron employed 45,298 individuals, including 5,556 at its service stations.
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