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Investing.com -- BP (NYSE:BP) Plc’s CEO Murray Auchincloss experienced a 30% reduction in his total compensation in 2024, dropping to £5.36 million ($6.91 million), following the energy giant’s underwhelming profit performance. This cut in pay comes as the London-based company makes a significant strategic shift back towards its core oil and gas operations.
In February, the company reported a substantial decrease in profits for 2024 compared to the previous year. This disappointing outcome has prompted the company to pivot back to oil and gas after years of distancing itself from fossil fuels. The move aims to help BP keep pace with competitors such as Shell (LON:SHEL) Plc, which have already refocused on their core businesses.
Auchincloss’s base salary increased to £1.45 million from £1.02 million. However, his share awards saw a decrease, falling to £2.75 million from £4.36 million, as detailed in the company’s annual report published last Thursday. Moreover, his annual bonus was significantly reduced in his first full year as CEO.
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