BP CEOs Compensation Drops to $6.95 Million Amid Profit Decline and Investor Pressure

BP CEO Murray Auchincloss’s compensation package decreased to 5.4 million pounds ($6.95 million) in 2024, down from 8 million pounds in 2023, according to the company’s annual report. The reduction comes as BP reported a 35% decline in profits for the year, totaling $8.9 billion, and faces pressure from activist investor Elliott Investment Management to bolster its oil and gas operations. The company has scaled back several ambitious renewable energy and emissions-cutting targets set since 2020 and abandoned plans to reduce oil and gas output by a quarter by 2030. Over the past five years, BP’s shares have underperformed compared to its main European and U.S. rivals, remaining virtually flat while Exxon Mobil and Shell shares have increased by approximately 110% and 49%, respectively.