Smith International Former CEO Gets $3.5M In '08

Rock's salary rose to $1.4 million, up 15 percent from the $1.2 million he earned the previous year. Rock also received $820,690, or 40 percent more, in "other" compensation, including more than $770,000 in contributions to retirement plans, $33,980 in a cash perk and $15,689 related to life insurance premiums.

Rock, 62, served as the company's CEO since March 1989, and was by far the highest paid company official compared with the other four executives listed in the filing.

Last year crude oil prices soared to peak at $147.27 in July, but plunged in the second half of the year as an unraveling economy, tight credit markets and layoffs battered demand for energy products and oilfield services.

With help from its W-H Energy acquisition in August 2008 and higher demand for tubular products, Smith International weathered the rough market and reported a rise in earnings. Its full-year profit was $767.3 million, or $3.68 per share, on revenue of $10.77 billion. In 2007, the company earned $647.1 million, or $3.20 per share, with sales of $8.76 billion.

Over the course of 2008, the company's stock mirrored the decline in crude oil prices, plummeting 69 percent to close at $22.89 per share.