NEW YORK (AP) - The president and chief executive of oil and natural-gas
company Range Resources Corp. received compensation valued at about $6 million
in fiscal 2007, according to a regulatory filing Thursday.
The Fort Worth, Texas-based company awarded John H. Pinkerton a base salary
of $503,077 and a performance-based bonus of $950,000.
Pinkerton, 54, also received stock and option awards valued at $4.4 million
on the days they were granted
Additionally, Range Resources awarded Pinkerton $97,362 in all other
compensation, which included matching contributions to his 401(k) plan and
deferred compensation plan, insurance premiums and other perquisites.
The AP's total pay calculations 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. The
calculations don't include changes in the present value of pension benefits, and
they sometimes differ from the totals companies list in the summary compensation
table of proxy statements filed with the Securities and Exchange Commission.
According to its proxy filing, Range Resources' compensation is "broadly
focused on achieving three objectives: attraction, retention and alignment of
our employees' interests with the interests of our stockholders." Range
Resources also reviews the executive pay practices at a peer group of companies
that includes W&T Offshore Inc., Chesapeake Energy Corp., St. Mary Land &
Exploration Co. and Noble Energy Inc.
In 2007, Range Resources' profit jumped 45 percent to $230.6 million, or
$1.54 per share, from $158.7 million, or $1.14 per share, in the prior year.
Revenue rose to $862.1 million from $744.8 million in 2006.
In the last 12 months, Range Resources shares have risen 90 percent. Shares
gained 53 cents to close at $59.17 Thursday.
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