Noble Energy CEO Earns $11.6 Million In 2008

HOUSTON (AP) — Charles Davidson, chief executive and president of oil and gas producer Noble Energy Inc., saw his total compensation rise 4.5 percent to $11.6 million, driven by boosts in his performance-based bonus and above-market earnings on deferred compensation, according to an Associated Press calculation of figures disclosed in a regulatory filing made Monday.

Davidson's pay package climbed from the $11.1 million he received in 2007, according to Noble Energy's filing with the Securities and Exchange Commission.

The bulk of his compensation increase came from a 15 percent bump in a performance-related bonus, which totaled $4.4 million in 2008, compared with $3.8 million in 2007. Davidson's above-market earnings on deferred compensation also rose in 2008 to $94,471, up 71 percent from $55,094 in 2007.

Davidson's salary remained flat for the year at just over $1 million. He also saw a slight uptick in his "other" compensation to $70,908, which includes mostly matching contributions of $47,700 related to his deferred compensation plan.

In addition, Davidson, 59, received stock options valued at $6.1 million when they were granted Feb. 1, 2008. These options are worth less today, as the company's share price has shed more than 21 percent since the options' grant date.