Pioneer Natural Resources CEO Earns $5.5M In 2008

NEW YORK (AP) — Pioneer Natural Resources Co., an independent oil and gas company, raised its chief executive's 2008 total compensation by 7 percent in a year when the company's stock lost 67 percent of its value, according to an Associated Press calculation of figures disclosed in a regulatory filing.

The Irving, Texas-based company gave Scott Sheffield a pay package of about $5.5 million, up from the $5.1 million he received in 2007.

The bulk of his compensation came from stock options and restricted stock awards valued at $3.13 million when they were granted Feb. 12, 2008. These awards are worth less today as the company's share price has shed more than 48 percent since their grant date. ...