Tesoro CEO's Pay Fell 18.6 Percent In 2008

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.

For the full year 2008, Tesoro earned $278 million, down by more than half from the $566 million it earned during 2007. Revenue for the year rose 29 percent to $28.3 billion.

In the past year Tesoro's shares have traded between $6.71 and $33.40. They closed Thursday at $16.36.