Shell CEO Ben van Beurden. Image courtesy of Shell/Flickr.

Shell CEO Ben van Beurden saw his annual bonus climb about 6 percent in 2015 despite weak oil prices.

According to the Evening Standard, van Beurden’s bonus ticked up 6 percent to $3.83 million (£2.7 million) in 2015 from the previous year while his basic pay package climbed to $1.62 million.

In its annual report, Shell said that van Beurden’s basic salary grew 2.1 percent year-over-year while employee salaries climbed 3.7 percent from 2014 levels.

The annual report also noted that annual employee bonuses fell 17 percent from year ago levels.

Van Beurden earned a total pay package of about $26 million in 2014 when he was appointed CEO, but that package was impacted by tax benefits and other payments tied to his promotion.

The pay bump comes despite over a year of weak oil prices and Shell’s disappointing Arctic exploration campaign.

Last year, van Buerden guided Shell through its $70 billion merger with BG Group that was officially completed in February.

In an op-ed published by The Times when the deal closed, van Beurden said the merger is expected to “provide a strong injection to our operating cashflow” despite tough market condition.

Van Buerden’s 2015 pay package was dwarfed by the $20 million pay package BP CEO Bob Dudley took home last year.

According to Reuters, Dudley saw his pay jump by nearly 20 percent in 2015 despite BP falling to a $6.5 billion loss for the full year.

Shell’s fourth quarter 2015 current cost of supplies (CCS) earnings fell to $1.84 billion, a 56 percent drop compared to the same quarter last year, while full year 2015 CCS earnings fell 80 percent year-over-year to $3.84 billion.


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