Occidental Petroleum Corp.’s Chief Executive Ray Irani got a 40 percent pay bump in 2007, according to a Tuesday regulatory filing.

Climbing oil prices have helped boost the stock of the Los Angeles-based oil company 60 percent over the past calendar year, and has also helped net income grow by nearly one third to $5.4 billion.

Irani’s compensation was $77.6 million last year, according to the company’s proxy statement up from $55.5 million in 2006. The compensation package includes a $1.3 million base salary, a $1.72 million bonus, and stock totaling $37.2 million, and options worth $32.4 million.

Occidental shares closed up 4.7 percent to $73.96 in trading Tuesday on the New York Stock Exchange.