HomeEconomyThe head of BP, the oil and gas giant, will receive a...

The head of BP, the oil and gas giant, will receive a bonus of 12.9 million euros

The British hydrocarbons giant saw its profits more than double in a year to $27.7 billion, a record.

Bernard Looney, CEO of BP, the British hydrocarbons giant, will receive an exceptional bonus of 11.4 million pounds (12.9 million euros), after the rebound in hydrocarbon prices, reports the Times in its Sunday edition.

BP announced a full-year result for 2022 on February 7 buoyed by rising oil and gas prices driven in particular by the war in Ukraine. The British company saw its profit excluding exceptional items, the gauge favored by the markets, more than double in a year to a record $27.7 billion.

Contacted by AFP, BP has neither confirmed nor denied the amount of the bonus granted to Bernard Looney. “Details of our chief executive’s compensation will be included in the annual report to be published in the first half of March,” said David Nicholas, a company spokesman.

Inflation exceeds 10% in the UK

The amount of the one-off bonuses awarded to Bernard Looney and other company executives were the subject of investor consultations, according to the Times.

A dispute with investors over compensation would increase political pressure on BP, which, like other energy giants, has faced calls for higher taxes on windfall profits, the newspaper said.

Inflation in the UK is over 10%, driven in particular by energy prices. Faced with the rising cost of living, employees in various sectors, from railway workers to teachers and nurses, have gone on strike in recent months to demand wage increases.

Author: MB with AFP
Source: BFM TV

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