Chevron Raises CEO’s Compensation 24%

Chevron Corp. raised Chief Executive David O’Reilly’s compensation 24% last year to about $12.4 million after he orchestrated the acquisition of Unocal Corp.

O’Reilly’s salary rose 2.9% to $1.55 million, the San Ramon, Calif.-based company said in a Securities and Exchange Commission filing. His bonus declined 11% to $3.5 million after the company’s shares rose less than those of other major U.S. oil producers.

O’Reilly, 59, also received options valued at $3.59 million, according to a Bloomberg calculation. Other compensation totaled $3.75 million.