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BP CEO Bob Dudley. Image courtesy of BP/Flickr.

BP CEO Bob Dudley saw his pay package rise 25 percent last year despite an over 50 percent cut to his annual cash bonus.

Dudley banked $12.7 million in total pay with the bulk of the money coming from a $9.8 million performance share award, BP said in a regulatory filing released Tuesday.

He was also awarded a 2011 deferred bonus tied to safety and environmental goals achieved during the last two years.

However, Dudley saw his salary, bonus and benefits slide to $2.9 million in 2014 from $4.2 million the previous year.

Executive compensation experts expect weak oil prices to shrink pay packages and possibly even lead to salary freezes or deferred bonuses, the Houston Chronicle said.

Dudley, 59, took his post at BP in October 2010.