BP PLC (LSE:BP.) chief executive officer Bernard Looney saw his annual salary rise to around £10mln last year.
This marks more than a 100% increase from the £4.5mln the oil giant’s boss took home the year before.
The FTSE 100 chief executive's pay comprised a salary of £1.37m, an annual bonus of £2.37m, and shares worth £6mln, though Looney only achieved 54% of the share bonus, which has a maximum of £11.4mln in shares.
Looney's pay hike mirrors that of rival Shell’s former boss, Ben van Beurden, whose earnings last year rocketed to £9.7mln.
The two companies reported record-breaking annual profits last year after Russian-based providers were sanctioned due to the Ukraine conflict.
Both firms have been heavily criticised as the soaring energy prices that boosted earnings are also a major contributing factor in the cost-of-living crisis.
Looney, who has called his company a “cash machine”, sparked further ire when he announced that it would be limiting plans to reduce carbon emissions from oil and gas outputs due to high demand.
The FTSE 100 constituent has been warned by investors that additional increases to the boss’s salary would not be welcomed and could create a backlash.
However, the company expect its CEO’s yearly base salary to increase by “below that of the wider UK workforce” at around 4.25%- the same increase as last year.
BP shares have fallen 1.6% today after opening at 546p.