BP group chief executive Bob Dudley rakes in $19.6m, including a boost to bonus, for year ended December 2015, despite the oil and gas company tumbling into a loss-making position
BP's group chief executive Bob Dudley took home $19.6m (£13.8m) last year, despite the oil and gas company plummeting into a loss-making position.
The company's year ended December 2015 annual report, which was published today, reveals that Dudley's remuneration packaging including pension had risen by 19.7 per cent from $16.4m the year before.
The amount Dudley received as a cash bonus also increased to $1.4m, up 38.4 per cent from $1m the year before.
However, BP's annual report also pegged the annual loss attributed to shareholders at $6.5bn, down from a profit of $3.8bn in 2014. Replacement cost loss for 2015 was $5.2bn, down from a profit of $8.1bn in 2014.
In his letter to the shareholders, Dudley, who was appointed group chief executive in 2010, said:
In 2015 we continued to adapt to the tough environment created by the dramatic drop in oil prices. We have seen prices crash before, but this fall has been particularly steep, from over $100 a barrel in mid-2014 to below $30 by January 2016. The work we have done to reshape and strengthen BP after 2010 stood us in good stead to withstand these conditions and last year we took further action to make the business more resilient in the short term.
In January, the oil giant announced that it would be scrapping around 4,000 jobs from its exploration and production teams by the end of the year.
During 2015, BP's staff numbers dropped to 79,800, down 5.6 per cent compared with a workforce of 84,500 in 2014.
The day BP's results for the year were announced shares tanked around seven per cent, bringing them to their lowest level since the oil spill in the Gulf of Mexico.