Sunoco CEO 2007 compensation worth $8.57M
PHILADELPHIA (AP) - March 17, 2008 The Philadelphia-based oil refiner and marketer gave John
Drosdick a salary of $1.2 million, bonus of $1.8 million, and other
perks worth $165,473 that include use of the company aircraft, life
insurance benefits and parking at corporate headquarters.
In addition, Drosdick got $5.4 million worth of stock and option
awards based on the day they were granted, the Securities and
Exchange Commission filing showed.
On Monday, shares of Sunoco hit a new 52-week low of $47.93
before closing up slightly to $48.92 - down 6.4 percent, or $3.35
per share.
As crude oil prices have risen, refiners such as Sunoco have
been paying record prices but have struggled to pass on the cost of
its finished products, such as gasoline, to customers.
In the fourth quarter, Sunoco posted a loss of $9 million, or 8
cents per share, compared with a profit of $123 million, or $1 per
share, during the same period a year earlier. Excluding special
items, Sunoco posted earnings of $23 million, or 20 cents per
share.
Revenue jumped to $13.16 billion from $9.04 billion a year ago
but margins got squeezed due to higher costs.
Drosdick did not exercise any stock options in 2007 but 126,560
common stock units vested with a value of $9.3 million. Each common
stock unit gives the owner the right to receive one share of Sunoco
common stock or cash equivalent, plus dividends accrued from date
of grant.
The Associated Press calculations of total pay include
executives' salary, bonus, incentives, perks, above-market returns
on deferred compensation and the estimated value of stock options
and awards granted during the year.
