#1: John Richels
Company: Devon Energy
Compensation: $18.8 million
Company Net Income: -$206 million
Stock Return: -14.9%
The case of our highest paid head honcho at a money-losing company is a prime example of one word: perspective. In 2012, Devon Energy (DVN) CEO John Richels took home nearly $19 million in his second full-year on the job, all while the company lost around 10 times that — a total of $206 million in the red, or 52 cents per share.
Then again, when you consider that Devon posted a net loss of $4.7 billion back in 2011 — yes, an eye-popping $11.25 per share — the 2012 performance really doesn’t seem all that bad. Either way, though, one thing is clear: DVN is struggling big-time in the face of falling natural gas prices.
Unlike other entries on this list, Devon hasn’t posted an eye-popping comeback in 2013 either. Year-to-date, the stock’s up a shrugworthy 5%, leaving its share price around 40% from 2011 highs.
Hopefully, the company’s latest plan to spin off some of its pipeline and storage facilities will indeed unlock value for shareholders … and maybe make Richels’ pay seem worthwhile.
As of this writing, Alyssa Oursler did not own a position in any of the aforementioned securities.