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LONDON, March 3 (Reuters) - BP Chief Executive BobDudley's total compensation rose by more than 20 percent to$12.74 million in 2014, when the company's profit fell due tolower oil prices and production.
Dudley's salary and annual bonus fell to $2.95 million from$4.21 million in 2013 but deferred bonuses and performanceshares' awards rose to $9.79 million from $5.96 million a yearearlier, according to a BP regulatory filing.
As a result, his total remuneration rose to $12.74 millionin 2014 from $10.17 million in 2013.
Executive pay is regularly a thorny issue at BP's annualshareholding meetings.
Last year, some shareholders opposed approval of Dudley's2013 pay, which tripled on 2012, citing outstanding legal suitsin the United States over the Macondo oil spill in the Gulf ofMexico in 2010. The pay was approved by a majority ofshareholders.
BP argues that it can retain top talent only by paying itsexecutives competitive salaries, which are still far below thosein the United States.
Rex Tillerson, the long-serving chief executive of ExxonMobil, earned $40 million in 2012, falling to $28million in 2013. Chevron's chief John Watson's compensation alsofell to $24 million in 2013 from $32.2 million in 2012.
BP said its chief financial officer Brian Gilvary's totalcompensation rose to 3.07 million pounds ($4.72 million) from2.17 million pounds while the long-serving head of downstreamIain Cohn, who left the company last year, received 5.81 millionpounds, up from 3.71 million in 2013.($1 = 0.6501 pounds) (Reporting by Dmitry Zhdannikov; editing by Susan Thomas)