By Adam Whittaker
The pay of BP's chief executive fell 31% in 2024 as the British oil giant failed to hit several safety, operations and financial-based targets.
Murray Auchincloss's total remuneration fell to 5.36 million pounds ($6.88 million) from 7.74 million pounds in 2023, the company said in its annual report.
The fall came despite an increase in his base salary to 1.45 million pounds from 1.02 million pounds the year prior. However, the CEO's annual share allowance dropped to 2.75 million pounds from 4.36 million pounds, and his annual bonus fell to 734,000 pounds, from 1.84 million.
Auchincloss recently reset the company's strategy in an effort to grow cash flow and shareholder returns as BP's full-year underlying replacement cost profit--a similar metric to net income that U.S. oil companies report--fell to $8.92 billion from $13.84 billion in 2023.
Write to Adam Whittaker at adam.whittaker@wsj.com
(END) Dow Jones Newswires
March 06, 2025 08:24 ET (13:24 GMT)
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