House seeks details on Exxon exec’s retirement

WASHINGTON — A House committee has asked Exxon Mobil Corp., for detailed information about a lucrative retirement package given to its former chairman, Lee Raymond, calling it an “exorbitant payout” when motorists are paying $3 a gallon for gasoline.

Raymond, who recently retired, was given a total package of nearly $400 million including salary, bonus, stock options and a one-year $1 million consulting arrangement.

The request was made as the House Energy and Commerce Committee sent letters to the country’s five biggest oil companies, including Exxon Mobil, seeking detailed information about the companies’ spending and investment priorities in light of huge profits over the past year as crude prices jumped to a recent high of more than $75 a barrel.

The relatively small amount invested in increasing refinery capacity “is cause for concern,” said Rep. Joe Barton, R-Texas, the committee chairman, who opened a hearing into soaring oil and gasoline prices on Thursday.

In addition to Exxon Mobil, letters went to ConocoPhillips Inc., Chevron Corp., BP America, Inc., and Shell Oil Co.

Exxon Mobil spokesmen Russ Roberts said the criticism of the Raymond retirement package is “a distraction” when the discussion “should be focused on the fundamentals of why we have the high prices.” He said the compensation package was approved by an independent board of directors without management input.

Roberts said that Exxon Mobil will provide all the information the House committee is requesting.

President Bush called a bipartisan group of lawmakers to the White House on Wednesday to discuss what energy measures might gain bipartisan support.