March 29, 2019 / 11:26 AM / 3 months ago

BP CEO Dudley's 2018 pay slips to $14.7 million

Group Chief Executive of BP Bob Dudley poses for a photograph at the BP International Headquarters in central London, Britain, May 16, 2018. REUTERS/Henry Nicholls

LONDON (Reuters) - BP Chief Executive Bob Dudley’s pay package slipped to $14.7 million (11.29 million pounds) last year from $15.1 million in 2017, even though the oil and gas company’s profits doubled to a five-year high.

The 63-year old, who took the helm shortly after the 2010 deadly Deepwater Horizon spill in the Gulf of Mexico, has overseen a large expansion in the company’s production in recent years.

Dudley’s wages and those of other executives in the sector have nevertheless come under growing scrutiny from investors, particularly following the 2014 collapse in oil prices.

His 2017 remuneration was revised up to $15.1 million from the previously reported $13.4 million due to changes in the value of BP’s shares over the period.

The drop in the 2018 package was the result of a reduced annual bonus and pension, which was partly offset by a rise in BP’s share price, the company said in its 2018 annual report.

Dudley’s 2016 pay package was cut by 40 percent after a majority of shareholders opposed the company’s pay policy.

Royal Dutch Shell CEO Ben van Beurden saw his pay package more than double to 20.1 million euros ($22.8 million) in 2018, mainly thanks to a bonus and an incentive plan for delivering on targets. It was the second highest pay on record for van Beurden since he became CEO in 2014.

Total CEO Patrick Pouyanne, on the other hand, saw his proposed salary reduced to 3.1 million euros ($3.6 million) from 3.8 million in 2017.

After settling the vast majority of payments for the 2010 spill, totalling nearly $70 billion, BP has more recently focussed on growing production into the next decade, including the $10.5 billion purchase of BHP Billiton’s U.S. shale assets, BP’s largest deal in 30 years.

Reporting by Ron Bousso, Editing by Louise Heavens and Mark Potter

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