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Many area CEOs faced hefty pay cuts during the tough economic times of 2008, but others received salary increases and millions in bonuses and cash awards, a Tulsa World analysis shows.

The World examined the pay, compensation and bonuses awarded to 18 presidents and chief executive officers of publicly traded companies based in eastern Oklahoma.

In determining CEO pay, the World reviewed company reports and financial records, which are regulatory filings required by the U.S. Securities and Exchange Commission. The wages and compensation data primarily come from fiscal year 2008 or calendar year 2008.

The World calculated CEO pay based on salary, bonuses, cash awards, other compensation and stock awards, which were given during 2007 or 2008 but typically vested in subsequent years.

Of the 18 presidents and CEOs examined, 12 took cuts in wages and compensation in 2008, the World analysis shows. Some of the cuts were minor, while others were substantial.

While some CEOs had wage increases, an Associated Press analysis shows the median pay package for CEOs of companies in the Standard & Poor's 500 index fell 7 percent to $7.6 million in 2008.

Williams: 10 percent raise

Steve Malcolm, chairman, president and CEO of Williams Cos. Inc., was one of the highest paid executives in the World survey. He received a 10 percent increase during a time when Williams' stock dropped 60 percent.

In 2008, Malcolm earned $8,939,581 which includes a $2 million cash award based on his performance as CEO and the value he added to the company, an official said.

Williams investor Gerald Armstrong disagreed with Malcolm receiving higher wages.

"An ounce of partnership is worth a pound of profit," Armstrong said. "I mean it would have meant a lot to investors if Mr. Malcolm would have pulled in his belt and taken a pay cut."

The investor, who lives in Denver, owns 1,441 Williams shares. Armstrong said he believes CEO pay should be subject to ratification by shareholders.

Malcolm earned his cash award based on pre-established targets measuring value generated by the company during the year, Williams spokeswoman Julie Gentz said.

Williams is a Fortune 500 company. During 2008, its net income increased from $990 million to $1.4 billion, according to Bloomberg data.