Conoco to Award Employees Home Computers and Stock Options.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--Feb. 23, 2001 Conoco (NYSE NYSE See: New York Stock Exchange :COCA coca (kō`kə), common name for shrubs of the genus Erythroxylum, particularly E. coca, of the family Erythroxylaceae, and found abundantly in upland regions and on mountain slopes of South America, as well as in Australia, India, ) (NYSE:COCB) announced today it will make an investment in its employees' personal growth by giving them a new computer or other high-tech high-tech also hi-tech adj. Informal Of, relating to, or resembling high technology. high-tech Adjective same as hi-tech Adj. 1. learning tool for the home, as well as a grant of 100 stock options or stock appreciation rights. Conoco is the first major energy company to award employees globally with a personal learning tool, and the very first company to combine that investment with a stock option grant. "Technology is impacting our personal and professional lives daily. The new high-tech learning tool you receive today should enhance your personal growth, expand your horizons and advance your capabilities. This, in turn, will enhance the growth of Conoco," stated Conoco Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Archie W. Dunham at an employee meeting. Most employees will select one of the following five learning tool packages: -- Computer, monitor, color jet printer and fax modem; -- Flat panel multimedia monitor and speakers; -- Digital camcorder; -- Digital camera, color jet printer and compact CD player/storage device; or -- Pocket personal computer and digital camera. The stock options included in the employee award represent the second such gift employees have received in the past two years. The first grant was made in 1998 to celebrate Conoco's return to independent status. "This second stock option grant not only recognizes the results we have already achieved -- such as finishing in the top quartile Quartile A statistical term describing a division of observations into four defined intervals based upon the values of the data and how they compare to the entire set of observations. Notes: Each quartile contains 25% of the total observations. in total shareholder return among global competitors -- it also gives us an incentive to continue our winning ways into 2001 and beyond," Dunham said. For 2000, Conoco reported net income before special items of $1.9 billion, 149 percent higher than 1999. Earnings included quarterly operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of $574 million in the fourth quarter, the fourth consecutive quarter of record earnings. Dunham's announcement occurred simultaneously with "Pie Day," the sixth annual celebration of non-management employees sharing a piece of the "financial pie" by receiving performance-related pay Performance-related pay is money paid to someone relating to how well he or she works at the workplace. Car salesmen, production line workers etc. may be paid in this way or through commission. incentives of $56 million. Under this variable compensation program, called "Conoco Challenge," eligible employees globally will receive an average payout pay·out n. 1. The act or an instance of paying out. 2. A percentage of corporate earnings that is paid as dividends to shareholders. of 11.4 percent of annual salary -- the highest in the program's history. Conoco is a major, integrated energy company based in Houston and active in more than 40 countries. |
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