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 said in its annual report that CEO Bernard Looney was paid a total of 10 million pounds ($12 million) in 2022, up from 4.5 million pounds the previous year.
Looney's pay package includes a cash bonus of 2.4 million pounds and 6 million pounds in bonus company stock.READ MORE: Gas prices increase, but the tide may change: AAABP reported in February that its profit doubled to $28 billion as Russia’s invasion of Ukraine sent oil and gas prices soaring.Fat profits at fossil fuel giants and big salaries for top executives have spurred demands for the companies to do more to shield consumers from high energy costs that have fueled decades-high inflation and ratcheted up utility bills.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.The BP company logo is seen outside a petrol station on September 23, 2021 in London, England.