BP CEO pay doubles to $12M as high energy costs surge profit

By KELVIN CHAN
AP Business Writer

LONDON (AP) — Total pay for BP’s CEO more than doubled to $12 million last year. The disclosure Friday from the London-based energy giant 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 said in its annual report that CEO Bernard Looney was paid a total of 10 million pounds, or $12 million, in 2022. That’s up from 4.5 million pounds the previous year. Fat profits at fossil fuel giants and big salaries for top executives have spurred demands for the companies to do more to cut high energy costs that are squeezing consumers and small businesses.