EOG Resources CEO Gets $13.9M Pay Package In 2008

The company's filing said Papa's compensation was based on individual and company performance, alignment with stockholder interests and maintaining competitiveness with peer companies.

In 2007, Papa received a pay package valued at $12.6 million.

The Associated Press formula is designed to isolate the value the company's board placed on the executive's total compensation package during the past 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, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission, which reflect the size of the accounting charge taken for the executive's compensation in the previous fiscal year.

EOG's 2008 net income more than doubled to $2.4 billion, or $9.72 per share, from $1.1 billion, or $4.37 per share in 2007.

In 2008, shares of EOG plunged over 27 percent to close the year at $66.58.