BP CEO Dudley Denied 2012 Share Bonus on 8% Stock Price Drop

BP Plc (BP/) Chief Executive Officer Bob Dudley was denied a bonus in shares for last year after the company’s profit dropped and the stock slipped 8 percent.

Dudley’s remuneration, not including pension contributions, fell 21 percent to $2.7 million in 2012, BP said in its annual report late yesterday. Iain Conn, head of BP’s refining and marketing unit, received 666,000 pounds ($998,000) in performance shares, and Chief Financial Officer Brian Gilvary received 299,000 pounds in shares.

Dudley has tried to revive BP after the slump following the 2010 Gulf of Mexico oil spill by selling $38 billion in assets and shutting down production in many areas to ensure safety, causing output to decline 7 percent last year. The share price is still about a third lower than before the spill.

“Overall group performance was assessed at just below target,” said remuneration chairman Antony Burgmans in the annual report. On metrics for the share bonus, which included shareholder return, production and profit as compared to peers, “performance failed to meet the level required for vesting.”

To contact the reporter on this story: Brian Swint in London at bswint@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

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