The CEO of Marathon Oil (NYSE:MRO) saw his compensation jump 34 percent last year, to $8.8 million.
The bigger paycheck for President and CEO Clarence P. Cazalot Jr. came as net income for the big oil company rose 75 percent to $2.57 billion last year, and it began work in the Kurdistan portion of Iraq. Revenue for the year rose 36 percent to $72.2 billion.
Cazalot's base salary stayed the same, at $1.4 million. But his bonus grew by $400,000, to $2.5 million. And the value of new options awarded during the year jumped to $4.7 million, from $2.8 million in 2009. Those options were granted almost a year ago, and Cazalot has to stay with the company for three years to get all of them.
The company said its bonuses for Cazalot and other top executives were above target "for their contributions to our overall strong performance" for the year.
Marathon shares closed at $48.62 on Friday, near their high for the last 52 weeks of $50.56.
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