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Exxon CEO’s Personal Use of Company Airplanes Jumps Sixfold

Rex Tillerson, chief executive officer of Exxon Mobile Corp. Photographer: Aaron M. Sprecher/Bloomberg
Rex Tillerson, chief executive officer of Exxon Mobile Corp. Photographer: Aaron M. Sprecher/Bloomberg

April 12 (Bloomberg) -- Exxon Mobil Corp.’s costs for Chairman and Chief Executive Officer Rex Tillerson’s personal use of company-owned aircraft increased sixfold in 2011, according to a U.S. regulatory filing.

Tillerson’s personal use of company planes cost $197,323 last year, compared with $29,409 in 2010, Irving, Texas-based Exxon said today in a U.S. Securities and Exchange Commission filing. The expense was included in executive compensation disclosures that showed Tillerson’s total compensation rose 17 percent to $34.9 million in 2011, including stock awards and deferred compensation.

The increase in costs associated with Tillerson’s personal use of company planes stemmed in part from escalating fuel prices and maintenance expenses, as well as more trips, Alan Jeffers, an Exxon spokesman, said today in a telephone interview.

“For security reasons, the board requires the chairman and CEO to use company aircraft for both personal and business travel,” Exxon said in the filing. The board “considers these costs to be necessary, security-related expenses rather than perquisites, but per the disclosure regulations we report the incremental cost of aircraft usage for personal travel.”

Exxon rose 16 percent in New York last year as civil conflicts in North Africa and the Middle East helped push Brent crude prices to a full-year average above $110 a barrel. Profit for 2011 jumped 35 percent to $41.1 billion.

To contact the reporter on this story: Joe Carroll in Chicago at jcarroll8@bloomberg.net

To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net

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