BP share price: CEO bags $14.7m for 2018

BP’s chief executive Bob Dudley was paid $14.7 million for last year, the blue-chip group has disclosed. The oil major more than doubled its profit last year having benefitted from stronger crude prices and a rise in oil and gas output following the acquisition of BHP’s US shale assets.

BP’s share price has climbed higher in London in today’s session, having gained 0.98 percent to 556.00p as of 15:10 GMT. The stock is outperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.60 percent higher at 7,277.64 points. The group’s shares have added more than 16 percent to their value over the past year, as compared with about a three-percent gain in the Footsie.

Bob Dudley to land $14.7m

BP disclosed in its annual financial report published today that its CEO Bob Dudley’s had landed $14.66 million for last year, down from the $15.11 million he received for 2017. The Financial Times meanwhile reported in its coverage of the news that his pay would have been $2.7 million higher, had the energy major’s board not again used its ‘discretion’ to limit awards amid persistent shareholder concerns over high pay.

While the oil major’s profits soared last year, the group’s remuneration committee decided to keep in place a 2017 policy imposing more stringent performance targets. The newspaper explained that the adjustment reduced his 2018 incentive pay by around $1.5 million while further $1.1 million was taken off following a voluntary decision by Dudley to accept a reduced share payout under a long-term incentive plan.