BP CEO pay doubles to $12M as high energy costs surge profit
Total pay for BP’s CEO more than doubled to $12 million last year
LONDON (AP) — Total pay for BP's CEO more than doubled to $12 million last year, the energy giant said Friday, as soaring energy costs allowed oil and gas companies to rake in record profits while squeezing households and small businesses.
London-based BP's disclosure came a day after rival Shell reported a similar multimillion-dollar pay package for its top executive on the heels of both companies posting their highest-ever annual earnings last month.
BP said in its annual report that CEO Bernard Looney was paid a total of 10 million pounds ($12 million) in 2022, up from 4.5 million pounds the previous year. Looney's pay package includes a cash bonus of 2.4 million pounds and 6 million pounds in bonus company stock.
BP reported in February that its profit doubled to $28 billion as Russia’s invasion of Ukraine sent oil and gas prices soaring.
