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Oil Search CEO suffers USD1 million pay cut

Staff Reporter | 9:36 PM | |
SYDNEY: Oil Search boss Peter Botten’s annual pay packet has slimmed by about $US1 million ($A1.33 million) as the company swung to an annual loss in 2015 amid plunging oil prices.

The managing director of the operator of the massive Papua New Guinea LNG project received remuneration worth $US4.69 million in 2015, down from $US5.7 million in 2014, the company’s annual report shows.

Mr Botten’s pay packet included $US1.15 million in short term bonuses, down from $US1.66 million in 2014, as revenue fell during the year despite the company achieving record production.

His base salary was $US1.69 million, down from $US2 million in the previous year.

Oil Search reported a $US39.4 million full year loss for 2015, hurt by a nearly 50 per cent tumble in oil prices during the year.

During the year, Oil Search also rejected a takeover bid from larger rival Woodside Petroleum, but Mr Botten has said his company is still open to offers, at the right price.

Chief financial officer Stephen Gardiner also suffered a decline in earnings, taking home $US1.15 million in 2015, down from $US1.4 million in the previous year.

- AAP