Bernard Looney’s pay almost doubles as rising oil prices turn BP into «cash machine»

London, March 21 - Neftegaz.RU. The pay of BP’s boss, Bernard Looney, ballooned to nearly €5.37 mln in 2021, after soaring oil prices transformed the company into a «cash machine», Irish Examiner has reported.

Looney enjoyed an inflated pay packet thanks to €2.86 mln in bonuses based on financial performance.
He announced last month that BP was selling its 20% stake in Rosneft after coming under pressure from the UK government,

His reward was unveiled after the FTSE 100 firm reported its biggest profit in 8 years.
It booked earnings of €15.3 bln for 2021, compared with a loss of €6.8 bln the year before, after cashing in on historic highs in the market price for gas & oil.

Remuneration for Looney, who became CEO in February 2020, was far lower than that of his predecessor Bob Dudley, whose total pay was $13.3 million in 2019.

The company said his windfall had been adjusted to ensure that he was not simply benefiting from the effect of rising oil prices, which he has previously said have turned the company into a “cash machine”.

Looney was one of two BP representatives on the Rosneft board, thanks to a 2013 deal that was announced at the company’s London headquarters by his predecessor, Bob Dudley, and Igor Sechin, widely seen as Vladimir Putin’s right-hand man.

Before vowing to cut ties with Russia, Looney had also come under scrutiny for his role in the Russian Geographical Society, for which he received Putin’s personal thanks.

BP is expected to take a write-down of up to €22.67 bln from its disposal of the Rosneft stake, with sanctions on Russia complicating its hopes of finding a buyer.


Author: Rob Davies