Here’s something to chew on the next time you’re filling up
your truck and wondering how much longer you can survive if fuel prices keep
Lee Raymond, retiring chairman of ExxonMobil – whose company
made $36 billion in 2005 – is set to receive one of the biggest retirement
packages in history.
ABC News reported that Raymond is going to receive
nearly $400 million in his retirement package, including pension, stock
options, a $1 million consulting deal, two years of home security, personal
security, a car and driver, and the use of a corporate jet for professional
The network also reported that documents recently filed with
the Securities and Exchange Commission show that Raymond made $51.1 million in
2005 alone, nearly five times what the chief executive officer of Chevron made.
But Raymond isn’t the only one in the oil industry raking in
the money. The Wall Street Journal recently reported on the compensation
of various CEOs, including several in the oil industry.
William Greeley, CEO of Valero Energy Corp., made $95.6
million in 2005, more than half of which came from stock option gains.
And Ray Irani, CEO of Occidental Petroleum, the largest oil
producer in Texas with oil concerns all over the world, made $83.96 million in
2005, according to The Journal.
The highest paid CEO, however, was not in the oil industry. The
Journal reported that Richard Fairbank of Capitol One Financial Corp. made
$249.2 million in 2005.