BP’s Dudley Saw 2013 Pay Triple After Recovery From Oil SpillNidaa Bakhsh
BP Plc Chief Executive Officer Bob Dudley saw his total pay triple in 2013 as the board’s renumeration head said the company had made progress recovering from the Macondo oil spill in the Gulf of Mexico.
Dudley’s earnings, excluding pension contributions, rose to $8.7 million last year from $2.7 million in 2012, BP said today in its annual report. His compensation included $1.8 million in salary, a cash bonus of $2.3 million and a share award worth $4.5 million.
Dudley, who took over from Tony Hayward in 2010 after the worst spill in U.S. history, has tried to revive BP by selling assets and closing production in many areas to ensure safety. The share price is 8 percent higher than a year ago.
Payouts in 2013 increased after “several years where pay was significantly depressed by the aftermath” of the Macondo Deepwater Horizon incident, Antony Burgmans, chairman of the remuneration committee, said in the report. It was a “good year” for the company, with improved safety, new discoveries and a strengthened portfolio, he said.
BP, Europe’s largest oil company after Royal Dutch Shell Plc, reported a drop in fourth-quarter profit to $2.8 billion from $3.9 billion a year earlier as output declined and margins from processing crude into fuels weakened.