U.S. Markets closed

Chevron CEO gets $3.5 million cash bonus for 2012

NEW YORK (AP) -- Chevron Corp. says Chairman and CEO John Watson will get a $3.5 million cash bonus for the oil company's big profit in 2012.

It also said Tuesday that directors approved a $100,000 raise for Watson, boosting his annual salary to $1.8 million.

Four other executives will get bonuses of up to $2.2 million and raises. The San Ramon, Calif., company says it will detail its executive compensation packages when it files a proxy statement with the Securities and Exchange Commission.

Chevron earned $26.2 billion in 2012, the second-largest profit in company history. Its stock rose 2 percent in 2012 and is up 10 percent in 2013.