Peter Coleman's pay package at Woodside Petroleum has hit $8.5 million

Woodside Petroleum CEO Peter Coleman, Supplied

Peter Coleman, the CEO of Woodside Petroleum was paid $8,457,756 in 2014, according to the oil and gas producer’s annual report.

About 71% of that pay out was performance related, including $2.95 million in short term incentives and $3 million in shares.

His base pay is $2,174,957, plus $146,653 in benefits and $16,479 in statutory superannuation payments.

The company he heads just posted a full year net profit of $US2.414 billion, up 38%, the second highest in the company’s history.

His pay compares favourably to that of Andrew Mackenzie, who is ceo of BHP, the world’s largest resources company. Last year he he took home $US7.98 million and is on the same package this financial year.

Michael Utsler, chief operations officer, was the next highest paid member of the Woodside executive team with a total of $2,155,419.

Company chairman Michael Chaney, who isn’t a full time executive, received $691,491.

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