ConocoPhillips CEO gets 2009 pay package worth $14.4 million, down about 2 percent from 2008

ConocoPhillips CEO’s 2009 pay dips slightly

COLUMBUS, Ohio — The Associated Press has found that ConocoPhillips Chairman and CEO Jim Mulva’s compensation slipped nearly 2 percent last year as the oil company struggled with weaker demand for its refined products.

Mulva’s pay totaled $14.4 million in 2009, down slightly from $14.6 million in 2008.

The Houston company partially benefited from the rebound in oil prices last year, but those prices coupled with drivers’ reduced demand for gasoline also hurt margins in its refining business.

The AP’s executive pay calculation, based on a regulatory filing, aims to isolate the value the company’s board placed on the CEO’s total compensation package. The figure includes salary, bonus, incentives, perks and the estimated value of stock options and awards.