BP Plc Chief Executive Officer Bob Dudley more than tripled his pay last year after returning the company to profit following the Gulf of Mexico oil spill.
Dudley was paid $6.8 million in cash and shares for 2011, compared with $1.74 million in 2010, when he received no bonus and no share awards. The figures were released on the U.S. Securities and Exchange Commission website today.
BP this month agreed to a $7.8 billion settlement with the individuals and businesses hurt by the Deepwater Horizon accident in April 2010, allowing the company to avoid a trial for now over its liability in the worst oil spill in U.S. history. Dudley’s challenge when taking the helm in October 2010 was to bring the company back from the brink of collapse.
“Bob Dudley and his management team performed exceptionally well,” BP spokesman David Nicholas said. “They turned a $5 billion loss in 2010 into a $24 billion profit in 2011. The company delivered $22 billion cash flow, took the value of assets sold above $20 billion, resumed dividend payments, and won a record number of new exploration and production opportunities.”
Former CEO Tony Hayward, who resigned in September 2010 in the wake of the spill, received $194,973 from BP last year for his role as a non-executive director of Russian venture TNK-BP. About 700,000 pounds of shares he was awarded in 2009 became vested on Feb. 15, the filings show.
Iain Conn, head of refining and marketing, was paid 3.7 million pounds ($5.8 million) in cash and shares, and Chief Financial Officer Byron Grote received about $6.5 million.
“The downstream business delivered a record year of earnings,” Nicholas said. “The company generally made huge progress in implementing a new safety organization worldwide and fundamentally restructuring its upstream business.”