(Reuters) -U.S. oil major Chevron said on Friday its Chairman and Chief Executive Officer Michael Wirth was paid $32.7 million in 2024, based on a filing with the Securities and Exchange Commission.

The full compensation received by Wirth represents a 23.4% increase from the prior 12 months.

Nevertheless, the median annual compensation for Chevron employees, within the U.S. and abroad, last 12 months fell 6.8% to $163,744, compared with an 8.7% rise to $175,673 in 2023.

Earlier in February, the corporate said it could lay off 15% to twenty% of its global workforce by the tip of 2026 because it is targeting as much as $3 billion in cost cuts, simplifying its business and completing a serious acquisition.

Its $53-billion deal to amass oil producer Hess and gain a foothold in Guyana’s lucrative oilfield is in limbo as a consequence of a court battle with larger rival Exxon Mobil, which has outperformed it with production growth.

Chevron employed 45,298 people as of 2024, including 5,556 people at its service stations.

(Reporting by Pooja Menon in Bengaluru; Editing by Alan Barona)