Compensation for three of Chevron Corp’s senior leaders, including Chief Executive John Watson, rose last year due to a change in how the value of pensions are calculated.

The disclosure, required by U.S. regulators, comes as the oil industry grapples with low prices and Chevron, the second-largest U.S.-based oil producer, tries to bounce back after posting an annual loss last year, its first since 1987.

Chevron’s shareholders will meet May 31 in Midland, Texas, for a nonbinding vote on the executive payouts. They will also consider resolutions related to climate change, lobbying and corporate governance, according to Reuters.

Watson, CEO since 2010, saw his compensation rise 12 percent to $24.7 million, fueled largely by the pension value increase. The value of stock and stock options awarded to Watson fell, as did the value of perquisites, including personal use of the company jet and home security. Watson’s salary stayed nearly flat at $1.9 million.

Mike Wirth, head of the company’s midstream division who became vice chairman earlier this year, saw his compensation rise 12 percent to $9.1 million. Wirth’s salary rose but the value of his stock and stock option awards fell. The value of perquisites he received rose due to air travel.

Pat Yarrington, Chevron’s chief financial officer, saw her compensation fall 11 percent to $6.5 million as the value of her pension fell, the only top executive to see a drop in pension value. Yarrington’s salary rose but the value of her stock and stock option awards fell. The value of perquisites Yarrington received slid as she did not record any personal use of the company jet.