New BP boss gets 拢8m pay packet in 2023

Image source, Getty Images

  • Author, Theo Leggett
  • Role, Business correspondent, 大象传媒 News

BP鈥檚 new boss Murray Auchincloss received a pay packet worth just over 拢8m last year.

Mr Auchincloss took over as chief executive on an interim basis in September, before being confirmed in the job in January.

The campaign group Global Witness said his pay highlighted 鈥渢he sickening reality of our broken energy system鈥.

His appointment followed the abrupt departure of his predecessor, Bernard Looney, amid a review of his personal relationships with colleagues.

Mr Looney had spent his career at BP, which he joined in 1991 as a drilling engineer.

Prior to taking the top job, Mr Auchincloss had worked as BP鈥檚 chief financial officer.

His pay for the year included salary of 拢1.02m, a bonus of 拢1.8m and share-based rewards worth worth 拢4.6m, as well as other benefits.

Mr Looney, who earned more than 拢10m in 2022, was obliged to repay BP 拢1.8m last year after leaving the company under a cloud.

He did receive a basic salary of 拢1.18m, but that was more than outweighed by the loss of bonuses and share-based awards from previous years, worth nearly 3m.

BP previously announced that Mr Looney would forfeit up to 拢32.4m after his departure, including nearly 拢25m in long-term share awards.

At the time it said the former boss had 鈥渒nowingly misled鈥 the board about his personal relationships.

In 2023, BP made a full year profit of $13.8bn (拢10.7bn), down from a record $27.7bn in 2022, when oil prices soared as a result of economies recovering from the coronavirus pandemic and Russia's invasion of Ukraine.

While earnings fell by a large margin, 2022's figure was still the company鈥檚 second-highest profit in a decade.

Global Witness accused BP of giving its chief executive 鈥渁 multi-million, fat cat pat on the back鈥 after becoming 鈥渙ne of the biggest winners of Russia鈥檚 war in Ukraine鈥 while most people were 鈥渓iving paycheck to paycheck鈥.