The chief executive of Apache will collect $11.9million in salary and bonus as part of his retirement package.
Steve Farris, who announced his retirement last week, will continue in a consulting role with the company.
During this period he will collect his $1.75million salary as well as two bonus payments of $2.6million and a lump sum of $1.4million.
Mr Farris said he would step down from his role but continue as non-executive chairman of the board until May 1, 2015.
Mr Farris joined the firm in 1988 and has served as its chief executive officer since 2002 and as chairman of the board since 2009.
The 66-year-old was president and chief operating officer from 1994 to 2009, before taking the title of president in 2014.
The firm’s executive vice president and chief operating officer John Christmann will replace Mr Farris as president and chief executive officer and director John Lowe will be appointed non-executive chairman.
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