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

The total compensation received by Wirth represents a 23.4% increase from the prior year.

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

Earlier in February, the company said it would lay off 15% to 20% of its global workforce by the end of 2026 as it is targeting up to $3 billion in cost cuts, simplifying its business and completing a major acquisition.

Its $53-billion deal to acquire oil producer Hess (NYSE: HES ) and gain a foothold in Guyana’s lucrative oilfield is in limbo due to a court battle with larger rival Exxon Mobil (NYSE: XOM ), which has outperformed it with production growth.

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