Oil CEOs See Massive Bonuses amid Record Profits

The pay packages for the chief executives of British oil giants BP and Shell skyrocketed in 2022 after the oil titans posted record profits off the back of high gas prices last year, Reuters reported Friday.

The salary of BP CEO Bernard Looney climbed to roughly £1.3 million, while performance-related bonuses and stock awards climbed to £10.03 million, to a total of £11.33 million in compensation, more than two and a half times the £4.46 million he earned in 2021, the company announced Friday. BP —which lagged behind its American competitors in 2022 despite a record profit of roughly $28 billion — has drawn criticism from activists for cutting its green investments and reinvesting in gas and oil, Reuters reported.

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