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BRIEFLY

Energy

March 07, 1994|From Times Staff and Wire Reports

Chevron CEO's '93 Compensation Up 46%: Chairman Kenneth T. Derr received more than $2.77 million in salary and bonuses last year as his cash compensation rose 45.5% from 1992, the San Francisco-based oil company said. Derr, who is also Chevron Corp.'s chief executive, also received options to acquire Chevron stock in 2003 that is expected to be worth $2.58 million. Chevron's net income fell in 1993 as it restructured U.S. operations, laid off workers and was hit hard by a 10% decline in crude oil prices. But profit from continuing operations rose to $2.15 billion from $1.56 billion, and its stock price rose more than 25% in 1993.

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