An Associated Press analysis shows that the top executive of refining company Valero Energy received compensation valued at $10.9 million in 2009, representing a 64 percent increase from 2008.
The compensation of Bill Klesse, Valero's president, chairman and CEO, came as the company reported a loss of nearly $2 billion in 2009 as refiners have struggled to pass much higher oil prices on to customers.
Valero, based in San Antonio, is the No. 1 refiner in the U.S.
The AP's executive pay calculation, based on a regulatory filing, aims to isolate the value the company's board placed on the CEO's total compensation package. The figure includes salary, bonus, incentives, perks and the estimated value of stock options and awards.
