As the Chief Executive Officer, President, and Chairman at Occidental Petroleum, Ray Irani earned a total compensation of $55,626,230 in 2006.

Of this total, $1,300,000 was earned as salary, $1,396,000 was received as a bonus, $30,995,422 was awarded as stock, $17,372,169 was received in stock options, $1,404,000 was awarded from non-equity incentive plan, and $3,158,639 came from all other compensation.

The Other amount includes $383,981 of director's fees paid by Lyondell Chemical Company, an equity investee of Occidental, which includes Lyondell's 2006 compensation cost for restricted stock units and associated cash payments that vested upon Dr. Irani's retirement from the Lyondell board; $13,200 credited pursuant to the Occidental Petroleum Corporation Savings Plan, a 401(k) savings plan pursuant to which Occidental matches all employee contributions up to six percent of base salary, subject to applicable limitations; $652,890 credited pursuant to the Occidental Petroleum Corporation Supplemental Retirement Plan; $143,001 for life insurance premiums; $45,306 in tax gross-ups related to the amounts paid by Occidental for spousal travel; and $1,240,865 in the aggregate for personal benefits. Personal benefits include security services ($562,589); tax preparation and financial planning services paid by Occidental in 2006 ($556,470) because a substantial portion of the services were rendered for Dr. Irani; administrative assistance, club dues, automobile usage, airplane usage, and excess liability insurance.

Ray Irani worked with Richard Hallock, John Morgan, Donald de Brier, and Stephen Chazen at Occidental Petroleum in 2006.


Distribution
History
Compensation Data Fiscal 2006 Ends: Dec 31
  • Salary$1,300,000
  • Bonus$1,396,000
  • Stock Awards$30,995,422
  • Option Awards$17,372,169
  • Non-Equity Incentive$1,404,000
  • Other$3,158,639
  • Total$55,626,230
Company
Occidental Petroleum
Industry
Oil & Gas Exploration and Production
Sector
Energy