Kerry-born Bernard Looney, CEO of BP, saw his salary more than double to £4.4million last year, even as consumers began to feel the pain of higher wages in the second half of 2021 feel oil and gas prices.
The company’s annual report released today shows that Mr Looney – a partner of BP who was appointed chief executive in 2019 and assumed the role in early February 2020 – earned a base salary of £1.3m ($1.55m) last year. €) received. Additional benefits brought his total fixed salary to £1.54m (€1.83m).
But the oil boss also received a £2.4m bonus, half of which was paid in cash. He also received a further £500,000 (€596,000) in performance shares.
The combined payments increased his total compensation to £4.4m from £1.7m the previous year.
BP reported profit before interest and tax of £10.5 billion (€12.51 billion) on revenue of £24.5 billion (€29.2 billion) last year. It was the highest gain in eight years.
Days after Russia invaded Ukraine, BP announced it would sell its $14 billion stake in Russia’s state-owned Rosneft.
BP has held a nearly 20 percent stake in Rosneft since 2013. Mr. Looney also resigned from the Board of Directors of Rosneft, effective immediately. BP to take a big hit in eventual sale of Rosneft stake – up to £22.7bn
“As I write to you, the desperate situation in Ukraine dominates our thoughts at BP,” stressed Mr Looney in the company’s new annual report.
“Our hearts go out to all those affected, especially to the people of Ukraine and the wider region.”
He said BP’s “ongoing priority” remains its employees and their families in Russia.
Mr Looney, who grew up on a farm in Ashgrove, near Kenmare in Co Kerry, said he was “absolutely convinced” that exiting Russia was in shareholders’ long-term interests.
“BP’s exit from Rosneft will result in some material non-cash charges in our financial results for the first quarter of 2022,” he said in the annual report. “Importantly, this does not mean any changes to our strategy or financial framework.”
BP chairman Helge Lund said last month that the company has been operating in Russia for more than 30 years.
“However, this military action represents a sea change,” he said. “This has led the BP board, after a thorough process, to the conclusion that our stake in Rosneft, a state-owned company, simply cannot continue.”
Mr Looney said in the annual report that BP’s finances were “strong and resilient”.
“We are making significant progress on our strategy to transform from an international oil company to an integrated energy company,” he wrote.
Mr. Looney led what he described as the “most far-reaching” BP restructuring in the company’s history.
The chief executive has targeted a major shift from BP to renewable energy.
https://www.independent.ie/business/bps-irish-boss-sees-pay-more-than-double-to-44m-41463682.html BP’s Irish boss sees more than double that to £4.4million