Total pay for BP's CEO more than doubled to US$12 million last year, the energy giant said Friday, as soaring energy costs allowed oil and gas companies to rake in record profits while squeezing households and small businesses.
London-based BP's disclosure came a day after rival Shell reported a similar multimillion-dollar pay package for its top executive on the heels of both companies posting their highest-ever annual earnings last month.
BP reported in February that its profit doubled to US$28 billion as Russia's invasion of Ukraine sent oil and gas prices soaring. Activist groups such as Global Witness and some opposition lawmakers in Britain have called for expanding taxes on the windfall profits of energy companies and taxing bonuses.
Britain's Liberal Democrat party on Thursday called for a one-off "bonanza bonus" tax for energy company executives after Shell reported that then-CEO Ben van Beurden's pay package jumped by half in 2022, to nearly US$12 million, thanks to a record $40 billion annual profit.
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