The company announced on Monday that the yearly base pay of Exxon Mobil Corp XOM CEO Darren Woods and CFO Kathryn Mikells will be increased.
According to the company's filings, Woods' yearly salary will be $1.88 million, up from $1.7 million this year.
Mikellis will earn $1.22 million in base pay next year.
The senior vice presidents were paid beginning January 1, 2023, according to the oil giant.
Base salaries account for less than 10% of total compensation, while stock awards and bonuses account for the majority of Exxon executives' earnings each year.
In 2021, Exxon awarded Woods $23.6 million in total salary and $15.6 million in 2020.
After the oil business reported record earnings, it sent its shares to all-time highs as sanctions on Russia pushed crude and gas prices skyrocketing this year.
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President Joe Biden, who accused Exxon of making more money than God, said the oil industry's record profits this year attracted the attention of the oil industry. Biden has frequently urged U.S. oil and gas firms to use their record profits to expand output and lower pump prices for Americans.