Tullow Oil lowers executive pay by 13%

Executive pay levels at Tullow Oil declined by more than 13% last year, the Irish-founded exploration company's latest annual report shows.

Last month, Tullow reported an 8% increase in annual revenue to just under $1.9bn (€1.7bn) and posted an after-tax profit of $85m for 2018, representing its first net profit in five years and a strong turnaround from an after-tax loss of $175m in the previous year.

Tullow also confirmed its intention to resume paying dividends to shareholders after a five-year hiatus; saying it will restart a regular capital returns policy based on its 2019 financial year and pay out a combined $100m through interim and final payments.

In his first full year as chief executive Paul McDade was awarded a total remuneration package of just short of £2.76m. His basic salary made up £746,750 of that total.

Mr McDade's full package was up from just under £1.87m in 2017.

Mr McDade replaced company founder Aidan Heavey as Tullow chief executive last April and took over with a vastly smaller bonus plan and remuneration package than his predecessor, who was on total pay of £2.89m in his final year in charge.

Tullow's exploration director Angus McCoss saw his salary dip by £40,000 to £422,300, last year, but his overall remuneration still jumped 17% to nearly £1.56m.

Chief financial officer, and the only other member of Tullow's executive board, Les Wood saw his pay increase by nearly £20,000 to £448,050 and his overall package surge by nearly £600,000 to £1.64m.