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Chevron cuts CEO pay by 25% as output falters

04.10.2014  | 

Watson oversaw $41.9 billion in capital spending last year, a 23 percent increase from 2012 that failed to reverse sliding production or add enough reserves to replace all the oil and gas Chevron pumped during the year.

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By JOE CARROLL
Bloomberg

Chevron slashed chairman and CEO John Watson’s compensation by 25% after oil and natural gas output by the second-largest US energy producer tumbled to a five-year low.

Watson earned $24 million in 2013, compared with $32.2 million a year earlier, the San Ramon, California-based company said in a regulatory filing on Thursday. 

The pay package included $1.77 million in salary, $5.8 million in stock awards and options awards valued at $9.2 million.

Watson oversaw $41.9 billion in capital spending last year, a 23% increase from 2012 that failed to reverse sliding production or add enough reserves to replace all the oil and gas Chevron pumped during the year. For this year, the company plans to pour almost $40 billion into projects that Watson said last month will contribute to long-term production goals.

The stock’s 16% gain last year underperformed the company’s largest US rivals, ExxonMobil and ConocoPhillips. Earlier this week, Chevron signaled that first-quarter profit dropped to the lowest since 2010 as output from wells headed toward an eight-year low.

Chevron shares have declined 6.2% this year.



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Mark
04.11.2014

No worries Mr CEO, the salary reduction would be compensated through other creative accounting techniques.

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