BP blocks bonuses to top executives after spill

BP is blocking bonuses to executives who were responsible for operations in the Gulf of Mexico during last year’s disastrous well blowout.

Those who will miss out include former chief executive Tony Hayward and the former head of exploration and production, Andy Inglis.

The British oil company’s annual report also revealed new chief Bob Dudley decided to forego his 2010 bonus but two other directors will receive payouts linked to their performance in separate divisions.

BP PLC said the board’s remuneration decisions for 2010 were dominated by the scale and impact of the Gulf spill, which began with the April 20 explosion on the Deepwater Horizon rig that killed 11 workers and led to the worst oil spill in US history.

“In the judgment of the committee and the group chief executive, this overrode the normal metrics for bonus outcomes,” the report said.

BP is still dealing with the fallout of the explosion, which caused more than 200 million barrels of oil to gush from the busted rig before it was capped in mid-July.

The London-based company faces massive fines in the US and a raft of compensation cases.