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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.”

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November 15 2016

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