So Raymond got:
Salary $4.0 million
Bonus $4.9 million
Stock options $32.0 milion,
Stock Dividends on the stock he owns $3.1 million
Annual pension about $7.0 million, or present cash value of $98 million.
That's on top of the $225 million in stock that he owns, and
Stock options with a market value of $252 million
He should thank OPEC!
All that looks like Lebron's next contract to stay with Cleveland.
So Exxon is a "great company" under Raymond leadership???
Last year the company made $36 billion after tax.
??What did they do with that cash????
They spent $13 billion in property palnt and equipment, about the same as in recent history. (their P&L notes they spent $964 million, down ($150 million), in exploration and the write off of dry holes
They spent $18 billion to buy back their own stock, which was trading at the highest prices in their history. Why?? Because they couldn't find any better investment in the oil industry than retiring stock that was paying a 2.1% dividend. They could have invested the cash in Treasury shares that are yielding 4.5%!
Why? Who knows, but the effect of buying back stock boosts the price of the shares, and Raymond was probably one of the biggest recipients of the higher stock price, in this, his retirement year.
??Why couldn't they have made a major investment in alternative energy sources, for the long term benefit of the company, if they weren't willing to invest to find a developable petro deposit??
Strong management - I think not!
A Company with vision - I think not!
A company that rewards current shareholders at their long term detriment - I think so!
A Company that rewards their retiring Chairman and President - BINGO!
[He should thank OPEC!]
And the politicians who voted (after lobbying) for subsidizing the oil industry with military protection and tax brakes for the exploration they never did.
"He should thank OPEC!"
Perhaps he should also thank the Democrats for keeping Alaskan and Gulf coast oil off the market.