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Chevron Cuts CEO Watson’s Pay 25 Percent as Output Falters

Chevron Corp. slashed Chairman and Chief Executive Officer John Watson’s compensation by 25 percent after oil and natural gas output by the second-largest U.S. energy producer tumbled to a five-year low.

Watson earned $24 million in 2013, compared with $32.2 million a year earlier, the San Ramon, California-based company said in a regulatory filing today. The pay package included $1.77 million in salary, $5.8 million in stock awards and options awards valued at $9.2 million.

Watson oversaw $41.9 billion in capital spending last year, a 23 percent increase from 2012 that failed to reverse sliding production or add enough reserves to replace all the oil and gas Chevron pumped during the year. For this year, the company plans to pour almost $40 billion into projects that Watson said last month will contribute to long-term production goals.

The stock’s 16 percent gain last year underperformed the company’s largest U.S. rivals, Exxon Mobil Corp. and ConocoPhillips. Yesterday, Chevron signaled that first-quarter profit dropped to the lowest since 2010 as output from wells headed toward an eight-year low.

Chevron fell 2 percent to $116.69 at the close in New York. The shares have declined 6.6 percent this year.

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