Tullow Oil share price tanks on back of executive bonuses but no dividends

The company’s top three executives shared total combined remuneration of just under €2.6m

Tullow Oil CEO Rahul Dhir received a total pay packet of £686,519 last year, comprising basic salary and bonus payments. Tullow made a €1bn loss last year, with revenues falling nearly 18%.

Shares in Tullow Oil fell by as much as 5% after the Irish-founded exploration company said it paid its top executives bonuses for a heavily loss-making year, while continuing to suspend shareholder dividends.

Tullow’s annual report shows that the company’s top three executives shared total combined remuneration of just under £2.2m (€2.6m) last year, with new chief executive Rahul Dhir and chief financial officer Les Wood also receiving bonus payments.