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March 22 (Bloomberg) -- Occidental Petroleum Corp., whose former chief executive officer was the highest paid energy executive in 2009, reduced the compensation package for CEO Stephen Chazen 10 percent last year as shares fell.

Chazen received $28.5 million in salary, bonus, stock and incentive awards, down from $31.7 million in 2011, according to a filing today with the U.S. Securities and Exchange Commission. The Los Angeles-based company’s shares declined 18 percent last year, the fourth-worst performance among the 43 members of the Standard & Poor’s 500 Energy Index.

Occidental, the largest onshore oil producer in the continental U.S., revised its executive compensation plan to “substantially reduce” payouts after shareholders criticized former CEO Ray Irani’s pay. Irani, who remains chairman of the company, received $76.1 million in 2010. He made $45.6 million last year, down 8.4 percent from 2011.

Irani is planning to retire next year and the company announced last month that it had begun a search for Chazen’s successor. Executive compensation for 2012 included incentive awards that are being phased out under the new pay formula.

Exxon Mobil Corp., the largest U.S. oil company, paid Chairman and CEO Rex Tillerson $34.9 million in 2011, the most recent year for which figures are available. Exxon’s market capitalization is more than six times larger than Occidental’s.

Occidental rose 0.4 percent to $78.66 at the close in New York. The shares have gained 2.7 percent this year.

To contact the reporter on this story: Bradley Olson in Houston at

To contact the editor responsible for this story: Susan Warren at

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