BP pays Auchincloss £8m in 2023, claws back £1.8m from Looney

8th Mar 2024 10:33

(Sharecast News) - BP chief executive officer Martin Auchincloss was paid £8m for his services in a particularly prosperous year, it was revealed on Friday, as it managed to claw back a further £1.8m from its former head Bernard Looney.

The FTSE 100 oil giant said Auchincloss received a base salary of £1.6m for 2023, and a performance-based bonus of £6.5m.

Auchincloss, who was previously the company's chief financial officer, assumed the interim role in September before being officially named CEO in January.

Former CEO Bernard Looney, who resigned in September due to personal relationship disclosures, received £1.2m in pay until his departure.

However, the company disclosed the cancellation of £3m in bonuses and share awards, resulting in a negative overall pay of -£1.8m for the year.

According to City AM, that reduction followed a previous £31m cut from Looney's pay packet in 2023.

BP's financial results for 2023, released last month, showed a profit of £10.8bn, which was a decline from the prior year's £21.6bn amid cooling oil and gas prices.

Auchincloss attributed the performance to strong operational delivery across the business.

At 1027 GMT, shares in BP were up 0.49% at 478.5p.

Reporting by Josh White for Sharecast.com.