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7 Companies Paying Their CEOs More Than the Taxman

They made more in 2011 than their companies paid in federal income tax

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#5: Devon Energy

  • CEO: John Richels
  • Global profits: $4.7 billion
  • Corporate income tax: -$143 million
  • CEO pay: $13.9 million
  • Stock change: -21.20%John Richels

Devon Energy (NYSE:DVN) made money in 2010 and 2011 after a steep loss in 2009. Since John Richels became CEO in June 2010, he gets some of the credit for that. Devon revenue rose from $9.9 billion in 2010 to $11.5 billion last year. The change in net income was much more modest, moving from $4.6 billion in 2010 to $4.7 billion in 2011. Richels has run the company through part of a restructuring under which almost $10 billion in assets were sold. Devon plans to concentrate on “on shore” assets in North America. This includes a portfolio of oil, gas and oil sands. Does the decision make sense? It will take several years to know. Morningstar commented about the plan: “Devon’s portfolio includes an attractive mix of oil and gas assets and both near-term and longer-dated projects, which should support production and reserve growth going forward.”

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