Jessica Dailey

BP Execs Awarded Hefty Bonuses Despite Gulf Oil Spill Disaster

by , 03/03/11

bp oil spill, gulf oil spill, deepwater horizon, deepwater horizon explosion, bp oil clean up, bp oil

You’d think that if your company was responsible for the worst oil spill in the history of the United States, bonuses for the year would be out the window. But that’s not the mindset of BP, the company at the center of the Deepwater Horizon disaster. According to its annual report, the company awarded two senior executives bonuses of more than $160,000. WTF?!

bp oil spill, gulf oil spill, deepwater horizon, deepwater horizon explosion, bp oil clean up, bp oil

The payouts went to Byron Grote, the finance director, and Iain Conn, the head of refining. While the bonuses were far less than what the two executives received in 2009, it’s still crazy to believe that they deserve any bonuses at all, especially considering that 11 rig workers died in the explosion and the Gulf coast is still struggling with pollution caused by the spill. Plus, BP’s share price continues to suffer.

BP said the bonuses were justified because Grote and Conn met their divisional targets. BP also pointed out that neither the current chief executive Bob Dudley, nor his predecessor, Tony Hayward, received any bonuses – including shares under the long-term remuneration plan running between 2008 and 2010. Hayward left the company after the disaster last April.

BP has been dragging its feet in paying for much of the clean up in the Gulf of Mexico. The company needs to do more to show that its promise to right its wrongs was more than just a public relations platform. Seven hundred miles of Gulf coastline were badly damaged and polluted because of the oil spill, and awarding any bonuses, no matter how “small” they are, is completely insulting to the lives and communities harmed by BP’s mistakes.

Via The Guardian

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3 Comments

  1. oilman March 5, 2011 at 2:01 am

    People hear “Oil Spill” and they think of the Exxon Valdez spill, which was refined oil. The oil released by the Deepwater Horizon was unrefined oil… oil that was still under the ocean.

    Unrefined oil leaks into the ocean everyday, millions of barrels of unrefined oil. Every time there is a sea earthquake, under-ocean oil is released… How can the world’s oceans cope? Easy, specialized microbes eat the oil and are a part of the ocean food chain.

    The BP oil spill was all hype and no substance. There has been no major environmental damage because of the spill.

    I wouldn’t blame BP if they took thier rigs, and the jobs they provide, to oil off the coasts of other countries that are not as petty as the US.

  2. clarketom March 5, 2011 at 1:17 am

    BP withholds majority of 2010 bonus payments
    Sify.com
    Close
    2011-03-05 11:00:00

    BP PLC says it isn’t paying bonuses for 2010 to company executives who had responsibility for operations in the Gulf of Mexico, including former Chief Executive Tony Hayward and former head of exploration and production Andy Inglis.

    BP’s annual report also revealed Thursday that new CEO Bob Dudley decided to forgo his bonus — but two other directors will receive payouts linked to their performance in separate divisions.

    BP says its remuneration decisions for 2010 were dominated by the scale and impact of the Gulf spill, which began with an explosion on the Deepwater Horizon rig in April.

    Head of refining Iain Conn and Chief Financial Officer Bryan Grote will receive cash bonuses of 104,000 pounds ($170,000) and $207,000 respectively after they met targets in their division.

    It’s interesting how a story can be spun from BP “not” giving bonuses because of the spill, to how dare they give bonuses to two executives. Typical Inhabitat. BTW, in 2009 Byron Grotes bonus from BP was $2,070,000. Pretty sure that’s a hefty penalty.

  3. jubilee45 March 4, 2011 at 1:33 pm

    tell Byron Grote and Lain Conn they should really enjoy the money that should be going to save the lives of the people the help destroy! If the work for BP and they are not a part of the solution, they are a part of the problem!

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