FORTUNE — The median pay package for a chief executive jumped above $10 million for the first time last year, according to an Associated Press/Equilar pay study, which reported a fourth consecutive annual increase in compensation for top executives.

According to the AP/Equilar study, the top leader of a typical, large, publicly traded company earned $10.5 million last year — a record — and an increase of 8.8% from 2012. The highest paid CEO was Anthony Petrello of oilfield-services company Nabors Industries Ltd. NBR . He made $68.3 million in 2013, the AP reported. Pay for Petrello, who has served as an executive at Nabors since 1991, swelled last year as a result of a $60 million lump sum that the company paid him to buy out his old contract.

The survey showed the second-highest paid CEO among companies in the S&P 500 was CBS Corp.’s CBS Leslie Moonves, whose total compensation rose 9% to $65.6 million in 2013.

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The industry with the largest pay increase was banking, the AP reported. The median pay of a Wall Street CEO grew 22% last year, building on a 22% leap in 2012. More than two-thirds of S&P 500 CEOs earned a raise last year, according to the AP/Equilar study, due to larger profits and higher stock prices.

Meanwhile, the Commerce Department has said average state personal income growth slowed to 2.6% in 2013 from 4.2% the prior year. The slower personal income growth reflected several factors according to the federal government, including the expiration of the “payroll tax holiday” at the beginning of last year.