BP boss Bob Dudley saw his total pay triple last year – despite seeing annual profits at the oil major drop by a fifth.
Dudley’s earnings, excluding pension contributions, rose to £5.2million ($8.7million) last year, up from £1.6million the year before, the company confirmed in its annual report.
The chief executive’s compensation included a £1.07million salary and a £1.37million ($2.3million) bonus, with the rest made up of a share award.
“BP has made strong progress over the past three years under Bob Dudley’s leadership, particularly in areas such as safety, operations and building for the future through reserve replacement, and his remuneration reflects this,” said a BP spokesman.
“The great majority of his potential pay is directly dependent on BP’s performance in areas essential both to the delivery of the company’s strategy and to the long-term interests of its shareholders.”
The figures come just a month after the supermajor saw full year profits for 2013 drop 21%, from $17.1billion in 2012 to $13.4billion last year, as refining margins and exploration write-offs took their toll. Fourth quarter profits for 2013 were down 28%.
Dudley, who took over from Tony Hayward in the wake of the Macondo disaster four years ago, has overseen a major divestment of assets at the oil giant, with £23.3billion worth sold by the end of last year and more than £6billion still expected to be sold by the end of 2015. The firm’s share price is 8 percent higher than a year ago.
The salary increase comes after the chairman of BP’s renumeration committee said the company had enjoyed a good year following “several years where pay was significantly depressed by the aftermath” of Deepwater Horizon tragedy.
Meanwhile Florida has launched a lawsuit against BP over environmental damage the US state claims it suffered in the wake of the Deepwater Horizon disaster.
State governor Rick Scott confirmed Florida had joined the lawsuit currently being pursued against the oil major by the Eastern District of Louisiana in the wake of the 2010 spill.
The filing relates to environmental damages and natural resources lost as a result of the spill. Last year the state’s Attorney General launched a lawsuit against BP over economic damage caused by the spill.
“Today’s filing is a long awaited step in holding BP responsible for the environmental damages created by the Deepwater Horizon oil spill” said Governor Scott.
“After many years of unsuccessfully trying to reach a settlement, the case has come to a point where Florida must join the suit in order to protect our most valuable natural resource.”
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