ConocoPhillips CEO receives $19.3 million in compensation
BY ALISON SIDER
HOUSTON -- ConocoPhillips CEO Ryan Lance received about $19.3 million in total compensation in 2012 following his ascension to the top spot at the refashioned oil company, according to a securities filing issued.
Jim Mulva, who was CEO of ConocoPhillips until last year, before the company jettisoned its refining arm, received about $12 million in compensation for 2012, down from $27.7 million in 2011. For Mr. Lance, the CEO paycheck marks a significant raise from the $5.9 million he received in 2011 as SVP of exploration and production for the integrated company.
Mr. Lance's 2012 compensation amount includes $1,258,667 in base salary, along with $11,340,952 in stock awards and $1,281,873 in options. He also received $2,476,200 in a category that includes a cash incentive program that takes into account corporate and individual performance.
The company said in its filing that the increased base pay levels for several executives "are linked to their expanded leadership roles following the spinoff" and "reflect increases that align their respective positions' base pay and total compensation to the market."
Mr. Lance's base salary is set to increase to $1,700,000 about 10.5% of his total targeted compensation for the year. His base salary is 35% higher than it was in 2012, in part because that year included four months at his previous position. In its filing, the company cited consideration of compensation at other energy companies as a factor in setting Mr. Lance's 2013 target compensation level.
Dow Jones Newswires