BP chief sees pay double to £10m

BP’s chief executive saw his pay more than double to £10m last year, the energy giant confirmed on Friday.

Publishing its annual report, BP said that Bernard Looney’s 2022 pay consisted of a base salary of £1.27m, an annual bonus of £2.37m - paid in cash and shares - and a long-term share award worth £6.01m for performance over the last three years.

The year before, his package totalled £4.46m.

On Thursday, Shell revealed that its former chief executive had been paid a similar amount, with Ben van Beurden - who stepped down at the end of 2022 after nine years at the helm - paid a total of £9.7m, a 50% hike year-on-year.

Energy firms have benefited from the surge in wholesale oil and gas prices caused by Russia’s invasion of Ukraine. BP saw its full-year profits double to a record $27.7bn last year, while Shell’s 2022 profits hit $39.9bn, the highest in its 115-history.

Mel Evans, head of climate at pressure group Greenpeace UK, told Reuters: "Instead of allowing these huge payouts to end up in the pockets of chief executives, the government must step in with a property tax on the oil industry and its profits, channel the money into stopping energy waste from homes and invest in green heating schemes."