Moving to CEO, Roger Jenkins Gets 60 Percent Compensation Boost

Murphy Oil Corp.’s new chief executive received a 60 percent boost in total compensation from 2012 to 2013, according to the publicly traded oil company’s annual proxy statement, filed Friday with the U.S. Securities and Exchange Commission.

The document shows CEO Roger Jenkins with 2013 total compensation of $10.1 million, up from $6.3 million in 2012. Jenkins, who previously worked as COO, took over as CEO in Aug. 30 when Murphy Oil spun off its retail gas station operation into a separate company called Murphy USA Inc. Both firms are based in El Dorado.

Much of the boost came from an increase in Jenkins’ base pay, which rose from $739,145 in 2012 to $1.1 million last year. Jenkins also received $6.7 million worth of stock and options, a cash incentive of $1.9 million and a $334,320 pension plan.

In addition to total compensation, Jenkins realized about $1.8 million by exercising stock options.

Other executives and their compensation:

Steven Cossé, former president and CEO, received total compensation of $9.3 million, up from $4.5 million in 2012. His base pay was $1.5 million. He also received $1.7 million worth of stock awards, a cash incentive of $3 million and a $2.8 million pension plan. In addition, Cossé realized $333,048 by exercising stock options.

Kevin Fitzgerald, executive vice president and CFO, received total compensation of $4.2 million, down from $6.6 million in 2012. His base pay was $646,390. He also received $2.2 million worth of stock and options, a cash incentive of $950,143 and a $310,234 pension plan. In addition, Fitzgerald realized $667,648 by exercising stock options.

Thomas McKinlay, executive vice president, received total compensation of $3.5 million, down from $3.7 million in 2012. His base pay was $623,382. He also received $1.7 million worth of stock and options, a cash incentive of $741,143 and a $439,752 pension plan. In addition, McKinlay realized $101,449 by exercising stock options.

Bill Stobaugh, executive vice president, received total compensation of $2.7 million, down from $3.9 million in 2012. His base pay was $527,331. He also received $1.2 million worth of stock and options, a cash incentive of $710,540 and a $248,961 pension plan. In addition, Stobaugh realized about $1.4 million by exercising stock options.

John Eckart, senior vice president and controller, received total compensation of $3.1 million. His base pay was $447,367. He also received $2.1 million worth of stock and options, a cash incentive of $464,184 and a $123,560 pension plan. In addition, Eckart realized $337,666 by exercising stock options.

Murphy Oil’s (NYSE: MUR) annual meeting will take place at 10 a.m. May 14 at the South Arkansas Arts Center in El Dorado. The company will elect directors, vote on an advisory note regarding executive compensation and vote on appointing KPMG LLP as its accounting firm for 2014.

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