The boss of BP was awarded a bonus worth more than half a million pounds for 2011 yesterday despite a turbulent year in which a landmark deal to explore the Arctic sea collapse and production fell.
Bob Dudley, brought in to steer the company’s recovery in the wake of the Gulf of Mexico oil disaster, was awarded an annual bonus of £540,000 for 2011, equivalent to 50% of his £1.1million salary. He did not receive a bonus in 2010.
The chief executive, eligible to receive up to 225% of his annual wage including long-term performance related awards, also vested performance-related shares worth £500,000.
His bonus came despite him coming under fire for his handling of a share-swap deal with Russian state-owned oil giant Rosneft, which fell through after a row with Russian partners TNK-BP.
The company returned to profit last year, increased its dividend payout for the first time since the Deepwater Horizon explosion and has seen a steady recovery in its share price.
Chief financial officer Byron Grote and refining and marketing CEO Iain Conn were awarded £453,000 and £396,000 respectively for hitting targets in their areas of the business.
The executives were awarded bonuses against criteria including safety and risk management, rebuilding trust and restoring value.