ConocoPhillips CEO received 7pct. raise in 2011
Thursday, March 29, 2012
NEW YORK (AP) — ConocoPhillips CEO and Chairman Jim Mulva received a 7 percent raise in pay in 2011, his final year at the helm of the Houston petroleum company.
Mulva, 65, who will retire this year, received nearly $19.2 million in salary, incentive-based compensation and stock and option awards, according to a regulatory filing. He leaves after a decade as CEO.
ConocoPhillips announced Mulva’s departure last year as part of an overhaul that will eventually split the company into independent producing and refining firms. The decision was an about-face for Mulva, who had previously tried to create the next American petroleum giant.
Instead of piling up assets — and debts — as it had several years ago, ConocoPhillips is now working to refocus on its most profitable operations. The company has shed $10.7 billion in assets since 2010, and it plans to sell more than $1 billion more by the end of this year.
ConocoPhillips also will spin off its refineries into a new company — Phillips 66 — by the end of June. Mulva will retire after the split.
Mulva will leave the company with a 2011 salary of $1.5 million, stock and option awards of nearly $14 million, and incentive-based compensation worth $3.5 million. He also got about $264,000 in perks such as a company car, a life insurance policy, and tax reimbursements.
The AP’s formula for calculating executive compensation is designed to isolate the value that the company’s board placed on the executive’s total compensation package during the last fiscal year. It includes salary, bonus, performance-related bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.
The calculations don’t include changes in the present value of pension benefits, making the AP total different in many cases from the totals companies report to the Securities and Exchange Commission.