Marathon CEO Makes 137 Times His Employee’s Pay
Big Oil continues to pay its CEOs well. The CEO of Marathon Petroleum, Michael J. Hennigan, made $24,054,492 in 2023. Hennigan made over $21 million in the previous two years.
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Marathon Petroleum’s revenue fell from $177 billion in 2022 to $150 billion in 2023, and its net income fell from $16 billion to $11 billion.
Marathon did do one positive thing for investors. Because of dividend payments and share buybacks, it returned billions to shareholders. When announcing Q4 earnings, Hennigan said due to cash generated, “This enabled the return of $12.8 billion of capital to shareholders. We believe MPC is positioned to generate strong through-cycle cash flow with the ability to deliver superior returns to our shareholders,” Hennigan said
Marathon’s stock did rise in 2023. It started the year at $115 and ended at $150, a gain of 30%. If that is a fair measure, Hennigan earned his money.
