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This excerpt taken from the DVN DEF 14A filed Apr 24, 2009. Material
Differences in Compensation Decisions for Named Executive
Officers
Mr. Nichols’ compensation for 2008 was higher than
that of other named executive officers primarily because of his
seniority, his long tenure with the Company, his status as a
founder of the Company, the compensation levels of comparable
executives of other companies against whom his compensation is
benchmarked and his greater influence over and responsibility
for the entire Company (as opposed to a distinct division or
function). In addition, Mr. Nichols’ compensation
recognized his leadership role with respect to matters affecting
the oil and gas industry generally.
Mr. Richels’ total compensation was higher than that
of other named executive officers, except for Mr. Nichols,
primarily because of his seniority, experience and stature in
the industry, his reporting relationship to the CEO, the
compensation levels of comparable executives of other companies
against whom his
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Commitment Runs Deep
Table of Contents
compensation is benchmarked and his greater influence over and
responsibility for the entire Company (as opposed to a distinct
division or function). In addition, Mr. Richels’
compensation recognized the increased leadership role he has
taken with respect to the day-to-day operations of the Company.
Mr. Hadden’s and Mr. Smette’s total
compensation levels reflected their roles and responsibilities
as the respective heads of the Company’s exploration and
production and midstream and marketing divisions, their
individual contributions to the Company and the officer team,
and compensation levels for similar positions at our peer
companies.
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