Energy giant Chevron said on Thursday that its CEO John Watson received $22 million in total compensation last year, a drop of 15 percent as compared to 2014.
Watson, who has been chief executive of Chevron since 2010, received $26 million in total compensation in 2014.
According to a filing with the U.S. SEC, Watson’s pension value dropped to $2.81 million last year, as compared to $7.36 million in 2014.
Chevron CEO received $1.86 million in base salary in 2015, a rise of 1.6 percent on year, the filling said.
Watson joins Shell CEO’s Ben van Beurden whose total direct remuneration for 2015 took a hit together with the company’s profit. Beurden received $5.63 million or 8 percent lower total direct remuneration, compared to the year before.
Chevron’s earnings significantly dropped last year on low oil prices. Full-year 2015 earnings were $4.6 billion compared with $19.2 billion in 2014.
US oil and gas giant Chevron said recently it would additionally slash its capital spending budget in the next two years to preserve cash in a low oil price environment. Chevron plans to spend between $17 billion to $22 billion per year in 2017 and 2018.
Worth mentioning, the company’s giant Gorgon LNG project in Australia – one of largest gas projects in the world, is expected to resume production in 30-60 days after the Barrow Island facility was shut down due to mechanical problems. A mechanical issue in the propane refrigerant circuit on Train 1 at the plant site halted production soon after the first cargo departed from the liquefaction and export facility on March 21.
LNG World News Staff