Chevron Executive Pay Up in 2016

Compensation for three of Chevron Corp's senior leaders, including Chief Executive John Watson, rose last year due to a change in how the value of pensions is calculated. The disclosure, required by US regulators, comes as the oil industry grapples with low prices and Chevron, the second-largest US-based oil producer, tries to bounce back after posting an annual loss last year, its first since 1987, Reuters reported. Chevron's shareholders will meet on May 31 in Midland, Texas, for a nonbinding vote on the executive payouts. Much of the executive compensation boost was due to the rise in value of pension plans tied partly to Chevron's stock, which climbed 28% last year as oil prices increased 47%. Age and other factors can effect actuarial calculations of a pension's value. Watson, CEO since 2010, saw his compensation rise 12% to $24.7 million, fueled largely by the pension value increase.