Unocal Awards Execs Sharply Lower Bonuses

Unocal Corp. Chief Executive Charles Williamson got an 11% salary increase in 2002, but his bonus was cut in half, to $543,403, according to a regulatory filing Monday.

Williamson’s $818,004 salary was part of a compensation package that -- including restricted stock, savings plan contributions, and certain other pay -- totaled $1.47 million in 2002. That’s down nearly 42% from 2001, when his pay package topped $2.5 million, according to the filing with the Securities and Exchange Commission.

El Segundo-based Unocal awarded sharply lower bonuses to its top five executives in 2002, a reflection of the company’s falling financial results and sagging stock price.

Unocal, which focuses solely on finding and producing oil and gas, saw its profit plunge by nearly half last year, to $331 million, from $615 million in 2001. Revenue also suffered, falling 22% to $5.25 billion.

Earlier this year, the Federal Trade Commission filed charges against the company accusing it of misleading California officials to boost the value of several pending gasoline patents. The company has said it will be exonerated.

Unocal shares fell about 15% in 2002 to $30.58. It has dipped an additional 12% this year. The stock closed unchanged at $26.80 on the New York Stock Exchange.