NEW YORK—Claiborne Deming, the president and chief executive of Murphy Oil Corp., received a 26 percent raise last year to earn $8.8 million in compensation as the company expanded to further reap the benefits of surging commodity prices.
Dening, 53, received $1.1 million in salary, $2.3 million in nonequity incentive payments and $197,256 in all other compensation, according to a Securities and Exchange Commission filing Friday. Other compensation included $79,006 in company plane usage, $59,400 in dividends on nonvested restricted stock, $57,170 in contributions toward defined contribution plans and $1,680 toward a life-insurance policy.
Deming also received restricted stock and options that Murphy valued at $5.2 million at the time they were awarded.
During 2007, the El Dorado, Ark.-based oil and natural-gas company's earnings climbed 18.9 percent to $766.5 million, or $4.01 per share, from $644.7 million, or $3.41 per share in 2006. The profit boost came as Murphy capitalized on much higher oil and natural-gas prices, lower expenses and an income-tax benefit.
Murphy also made several new acquisitions, brought added production on line and made new discoveries.
The Associated Press calculations of total pay include executives' salary, bonuses, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the SEC.
