Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

BP boss's total pay rises despite firm's 2015 loss

The chief’s 2015 base pay was little changed at $13.1mln from the year before but his pension was changed to meet UK financial regulations
BP boss's total pay rises despite firm's 2015 loss
Bob Dudley chief executive of oil firm BP

Bob Dudley, chief executive of oil firm BP (LON:BP.; NYSE:BP) saw his pay package rise to $19.6mln from around $16.4mln the year before despite the firm reporting a substantial loss last year.

The chief’s 2015 base pay was little changed at $13.1mln from the year before, but, including pension, his total remuneration rose to $19.6mln from $16.4mln a year earlier.

This included a $3.5mln extra pension adjustment, which the firm said was to bring payments under Dudley’s US scheme in line with UK financial regulations.

According to reports, Dudley's pay has become a regular point of tension during the firm's annual shareholder meetings, with some questioning his pay while the firm struggles in the current market.

The collapse of the global oil price has hit the firm, with BP suffering a loss of $5.2bn for the 12 months to December 31, compared to a profit of $8.1bn in 2014.

The oil and gas sector has been stunned by the tumbling price of oil, which is now trading at around $37 a barrel compared to more than $100 a barrel in June 2014.

BP also reached a landmark $20bn settlement to resolve most of the claims from its 2010 Gulf of Mexico oil spill.

But the firm backed its decision, saying: “Despite the very challenging environment, BP delivered strong operating and safety performance throughout 2015 and responded early and decisively to the steep fall in the oil price.

“The oil price is outside BP’s control, but executives performed strongly in managing the things they could control and for which they are accountable. BP surpassed expectations on most measures and directors’ remuneration reflects this.”

Jonny.jpg


Register here to be notified of future BP. Company articles
View full BP. profile

BP plc Timeline

Article
December 14 2016
Newswire
November 15 2016

Related Articles

UtilityMeter.jpg
November 25 2016
During its last fiscal year, OPG generated a record 3.2 billion units of electricity.
Premier Holding Corp. subsidiary "Top Sales Performer" for 3rd year
October 03 2016
Premier Holding Corporation on Monday announced that its subsidiary, The Power Company (TPC), received the 2016 Leaders Platinum Award from a major deregulated power supplier
Hurricane Energy's drilling team on a rig at the Lancaster field, back in 2014.
June 08 2016
In stark contrast to the troubles elsewhere, a new £52mln private-equity backed funding not only feels like a big deal but also serves as a reminder of Hurricane’s game changing’ potential.

© Proactive Investors 2017

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.