MW BP CEO was awarded no bonus pay from oil giant's financial performance
By Steve Goldstein
BP missed earnings threshold for bonus payments by 7%
BP's under-fire chief executive was awarded no bonus from the company's financial performance last year as his overall pay declined, the company said Thursday in its annual report.
CEO Murray Auchinloss was paid a total of GBP5.36 million ($6.9 million) in 2024, down from GBP7.74 million even as his salary rose to GBP1.45 million from GBP1 million. While Auchinloss met most of bonus thresholds for BP's safety and sustainability, he received nothing for the 70% of his bonus that is determined by financial performance and operations.
BP said its modified free cash flow of $12.5 billion didn't hit the target of $14.7 billion, and the adjusted EBITDA of $38 billion didn't hit the target of $40.9 billion. Refining availability also was below bonus thresholds due to a power outage at BP's Whiting plant.
Activist investor Elliott reportedly was unhappy with last week's corporate strategy reset and wants BP to abandon all renewable energy projects, according to The Times.
BP shares $(BP)$ (UK:BP) slipped 0.2% in London trade on Thursday. The stock has dropped 24% from the levels of last April.
-Steve Goldstein
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(END) Dow Jones Newswires
March 06, 2025 05:34 ET (10:34 GMT)
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