Running one of the world’s largest integrated energy companies is a high-pressure job.
It requires navigating geopolitical conflicts, fluctuating oil prices, and a global transition toward renewable energy.
For Mike Wirth, the Chairman and CEO of Chevron Corporation, these responsibilities come with a compensation package that matches the scale of the challenge.
In the most recent fiscal reports released in March 2025, it was revealed that Mike Wirth received a total compensation of approximately $32.7 million for 2024.
This figure represents a significant 23.4% increase from the previous year.
If you are an investor, an employee, or simply curious about executive wealth in the oil and gas sector, this guide is for you.
We will break down exactly how Mike Wirth makes his money, his estimated net worth, and why his salary went up while the average employee’s pay went down.
Who is Mike Wirth? The Engineer Who Became CEO
Mike Wirth is not an outsider brought in to shake things up.
He is a true Chevron “lifer.”
His journey with the company began over 40 years ago, in 1982, when he joined as a Design Engineer.
A 40-Year Climb to the Top
Wirth’s career trajectory is a textbook example of internal corporate advancement.
After starting in engineering, he moved through various critical sectors of the business.
From 2003 to 2006, he served as President of Global Supply and Trading.
He then spent nearly a decade as the Executive Vice President of Downstream and Chemicals.
Before taking the top job, he managed the company’s midstream and development strategies, overseeing shipping, pipelines, and power units.
Taking the Helm
In 2018, Mike Wirth was named Chairman of the Board and CEO.
His leadership philosophy focuses on helping people achieve their full potential and fostering an inclusive culture.
Education and Influence
Wirth holds a Bachelor’s degree in Chemical Engineering from the University of Colorado.
Beyond Chevron, he is a heavyweight in the business world.
He serves on the boards of the American Petroleum Institute, the Business Roundtable, and the World Economic Forum International Business Council.
The $32.7 Million Breakdown: How It Works
When you hear that a CEO made $32.7 million, it is easy to assume they received that amount in cash.
However, executive compensation is far more complex.
Mike Wirth’s pay is structured to align his personal wealth with the success of the company.
Here is how the 2024 compensation package breaks down:
1. Base Salary: The “Small” Portion
Mike Wirth’s base salary for 2024 was $1,889,583.
While nearly $1.9 million is a substantial income, it makes up a very small percentage of his total package.
This is the only “guaranteed” cash he receives regardless of how the stock market performs.
2. Stock Awards and Options: The Real Wealth
The vast majority of the $32.7 million comes from stock awards and option grants.
These are equity incentives.
They are designed to ensure that Wirth thinks like a shareholder.
If Chevron’s stock price goes up, the value of these awards increases. If the stock crashes, his compensation loses value.
3. Non-Equity Incentive Plans
These are cash bonuses tied to specific annual goals.
For 2024, these goals likely included safety targets, production efficiency, and financial returns.
Why the 23.4% Increase?
Wirth’s pay jumped from roughly $26.5 million in 2023 to $32.7 million in 2024.
Why the big raise?
According to SEC filings, this increase was driven by strong company performance and strategic portfolio decisions.
Most notably, the board rewarded Wirth for navigating the massive $53 billion proposed acquisition of Hess Corporation.
This deal is viewed as a major strategic move to secure Chevron’s future production capabilities.
Chevron CEO Salary History Table
To understand the trend in Mike Wirth’s pay, let’s look at the last few years of data.
| Year | Total Compensation | Base Salary | Year-Over-Year Change | Key Context |
| 2024 | $32,700,000 | $1,889,583 | +23.4% | Hess acquisition proposal; strong strategic positioning. |
| 2023 | $26,500,000 | ~$1,800,000 | +17.2% | Record profits in the energy sector following global instability. |
| 2021 | $22,600,000 | ~$1,700,000 | N/A | Recovery period post-pandemic. |
Note: Data sourced from annual SEC DEF 14A filings.
Mike Wirth’s Net Worth: A Researcher’s Estimate
Calculating the exact net worth of a private individual is difficult, but we can make a highly educated estimate based on public data.
Mike Wirth has been a high-level executive at Chevron for over two decades.
Accumulated Wealth
Since becoming CEO in 2018, his total compensation packages have exceeded $100 million combined.
However, taxes and living expenses reduce this liquid cash.
The bulk of his net worth lies in Chevron Stock (CVX).
As a CEO of over 6 years and an executive for 20, he holds a significant number of shares and exercisable options.
The Estimate
Based on his reported shareholdings in previous proxy statements and his accumulated salary, financial analysts estimate Mike Wirth’s net worth to be in the range of $50 million to $80 million.
This number fluctuates daily with the price of oil and Chevron’s stock performance.
The Pay Gap: CEO vs. The Average Employee
One of the most controversial aspects of the 2024 financial report is the widening gap between the CEO and the workforce.
While Mike Wirth saw his pay increase by over 23%, the average Chevron employee saw a decline.
The Median Employee Salary
In 2024, the median annual compensation for a Chevron employee was $163,744.
This is actually a 6.8% decrease compared to the previous year.
The CEO Pay Ratio
The CEO Pay Ratio is a calculation that shows how many times the average worker’s salary fits into the CEO’s pay.
With Wirth earning $32.7 million and the median employee earning roughly $163k, the ratio is approximately 200:1.
This means Mike Wirth earns in two days what the median Chevron employee earns in an entire year.
Context on Employee Pay
It is important to note that a median salary of $163,744 is still very high compared to the national average.
Chevron employs thousands of highly skilled engineers, geologists, and scientists, which keeps the average pay relatively high compared to retail or service industries.
However, the divergence—CEO pay going up while employee pay goes down—is a point of discussion for unions and shareholder activists.
How Does He Compare to Competitors?
Is $32.7 million normal for an oil CEO?
Yes, it is actually quite standard for the U.S. energy supermajors.
ExxonMobil Comparison
Mike Wirth’s main rival is Darren Woods, the CEO of ExxonMobil.
Historically, the ExxonMobil CEO earns a similar or slightly higher package, often ranging between $30 million and $35 million depending on the year’s profits.
European Counterparts
Interestingly, Wirth earns significantly more than his counterparts in Europe.
The CEOs of Shell and BP typically earn between $10 million and $15 million.
This highlights the distinct difference in executive pay culture between the United States and Europe, even within the same industry.
Factors Influencing the Salary
Why does the board of directors approve such a high salary?
There are three main factors:
- Complexity and Scale
Chevron is a massive global entity. It operates in difficult political environments, manages dangerous physical operations (oil rigs, refineries), and employs tens of thousands of people. The board argues that the talent pool capable of running such a company is very small.
- The Price of Oil
Executive pay in this sector is highly correlated with crude oil prices. When oil prices are high, Chevron makes record profits. When profits soar, performance metrics are met, and bonuses are paid out.
- Energy Transition
Recently, compensation committees have started tying bonuses to “low carbon” goals. Wirth is incentivized not just to pump oil, but to invest in renewable fuels and reduce carbon intensity, ensuring the company survives the next 50 years.
Transparency: Where Does This Data Come From?
As a researcher, I follow Google’s EEAT guidelines (Experience, Expertise, Authoritativeness, and Trustworthiness).
The information in this article is not based on rumors.
It comes directly from Chevron’s DEF 14A Proxy Statement.
This is a legal document filed with the Securities and Exchange Commission (SEC).
Public companies are required by US law to disclose exactly how much their top five executives are paid.
This transparency allows shareholders to vote on “Say on Pay” measures, approving or disapproving of the CEO’s compensation package.
Key Takeaways
If you are looking for the quick facts on Mike Wirth’s salary, here is the summary:
- 2024 Total Pay: Approximately $32.7 million.
- The Raise: His pay increased by 23.4% from 2023.
- Base Salary: Only $1.89 million is fixed salary; the rest is performance-based.
- Employee Gap: While CEO pay rose, median employee pay fell by 6.8% to $163,744.
- Primary Driver: The pay bump was driven by the strategic $53 billion Hess acquisition proposal.
- Net Worth: Estimated to be between $50 million and $80 million.
Conclusion
Mike Wirth’s $32.7 million compensation package for 2024 reflects the massive profitability and strategic ambition of Chevron Corporation.
While the 23.4% pay raise rewards him for bold moves like the Hess acquisition, it stands in sharp contrast to the slight decline in median employee pay.
For investors, the high compensation is justified as long as the stock price and dividends continue to perform.
However, as the energy sector faces pressure to decarbonize, Wirth’s future paychecks will likely depend less on how much oil is pumped, and more on how successfully he steers the company toward a greener future.