Mr Looney, who earned greater than £10m in 2022, was obliged to repay BP £1.8m final yr after leaving the corporate beneath a cloud.
He did obtain a fundamental wage of £1.18m, however that was greater than outweighed by the lack of bonuses and share-based awards from earlier years, value almost 3m.
BP beforehand introduced that Mr Looney would forfeit as much as £32.4m after his departure, together with almost £25m in long-term share awards.
On the time it mentioned the previous boss had “knowingly misled” the board about his private relationships.
In 2023, BP made a full yr revenue of $13.8bn (£10.7bn), down from a file $27.7bn in 2022, when oil costs soared on account of economies recovering from the coronavirus pandemic and Russia’s invasion of Ukraine.
Whereas earnings fell by a big margin, 2022’s determine was nonetheless the corporate’s second-highest revenue in a decade.
International Witness accused BP of giving its chief govt “a multi-million, fats cat pat on the again” after changing into “one of many greatest winners of Russia’s conflict in Ukraine” whereas most individuals have been “residing paycheck to paycheck”.
