National Oilwell CEO Received $9.8M Compensation

In 2008, National Oilwell Varco's profit jumped 45 percent to $1.95 billion, or $4.90 per share, from $1.34 billion, or $3.76 per share. Revenue rose 37 percent to $13.43 billion.

The company's share price over the course of last year plunged 67 percent to close the year at $24.44 per share. In morning trading, the stock was off 12 cents at $28.59 from Tuesday's close.

The Associated Press compensation 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.