Anadarko CEO's 2008 Pay Slips 17 Percent

By ERNEST SCHEYDER

NEW YORK (AP) — The chairman, president and chief executive of Anadarko Petroleum Corp. received compensation valued at $22.2 million in fiscal 2008, a 17 percent decrease from the previous year, according to an Associated Press calculation of figures disclosed in a regulatory filing made Friday.

The Woodlands, Texas-based company paid James T. Hackett $1.5 million in base salary, up nearly 7 percent from the prior year, and a $3.4 million performance-based cash bonus, up 15 percent year over year.

Additionally, Anadarko awarded Hackett $571,276 in other compensation, which included 401(k) plan contributions, personal use of company aircraft, liability insurance and home security.

The drop in compensation was mostly due to a 23 percent decrease in stock-based compensation, to a total of $17 million.

Hackett, 55, received 572,200 options to buy shares at an exercise price of $35.18 each. The fair-market value for those options on the day they were granted in November was about $7.1 million. He also received grants for other stock awards valued by the company at $9.6 million when they were granted.