Woodside Petroleum boss Peter Coleman was paid $8.5 million in 2014 after receiving a $2 million annual pay rise.

The chief executive of the Perth-based energy giant took home almost $3 million in short-term bonuses during the year.  Most of Mr Coleman's senior executive team also received pay rises during the year, with chief financial officer Laurie Tremaine earning $2 million, up from $1.5 million the previous year.

Executive vice president of development Robert Edwardes was paid $1.9 million, up from $1.7 million.  But Chairman Michael Chaney's pay packet shrunk during 2014 as he took home $691,500, down from $714,900 in 2013.

Woodside Petroleum expects to cut more than 300 jobs and slash operating expenditure by around 15 per cent after the oil price halved over the past six months.

The Perth-based company will raise its final dividend by 40 per cent after full year net profit rose to $US2.4 billion.

  • There are probably two sides to this. On one hand, the company has delivered a record underlying profit in what were no doubt extremly difficult times and whilst the share price has fallen by nearly ten percent over the past year, this probably is not as bad as it could have been given conditions in the mining sector over the past year. So it seems he has performed well, and they do need to pay him a globally competitive salary in order to retain his services.

    Still, with jobs being cut all over the place, seeing the man at the top being awarded big pay rises is hard to swallow.