£8 million in salary for the new BP CEO in 2023.

Prior to leaving, Mr. Looney’s pay decreased to £1.18 million from his above £10 million in 2022.

Due to his turbulent departure from the company, he was not granted a bonus or share-based rewards.

Prior to his departure, news had stated that Mr. Looney would forfeit up to £32.4 million, which included around £25 million in long-term share awards.

The former manager was accused of “knowingly misleading” the board about his personal connections at the time.

After a record $27.7 billion in profit in 2022, when oil prices surged due to economies recovering from the coronavirus epidemic and Russia’s invasion of Ukraine, BP generated a profit of $13.8 billion (£10.7 billion) for the full year 2023.