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.