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BP Claws Back $41M From Ex-CEO Amid Misconduct Allegations
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BP plc (BP - Free Report) announced on Wednesday that it will claw back up to $41 million from its former chief executive Bernard Looney, following allegations of serious misconduct related to past relationship with colleagues. This decision came in the wake of Looney's abrupt resignation in September, prompting the energy giant to thoroughly review the circumstances surrounding his departure.
According to a statement released by BP, the total maximum value of the potential remuneration that has been forfeited or clawed back is a staggering £32,426,000 (approximately $41 million), including the maximum potential value of his salary, pension payments, deferred bonuses and other compensations, which he might have received before taxes. This sum was based on estimates of share prices, subject to changes dependent on the company's performance.
BP contends that Looney provided the company with "inaccurate and incomplete" information dating back to July 2022, accusing him of knowingly misleading the board. The company deems this behavior as serious misconduct, causing the board to dismiss Looney without notice, effective Dec 13.
In light of this decision, Looney will not receive any further salary or benefits from the dismissal date; he will also be denied an annual bonus for fiscal 2023. He will also need to repay 50% of the cash portion of the annual bonus paid for fiscal 2022.
The company is now tasked with the challenge of finding a suitable replacement for the vacant CEO position.
The Williams Companies is well-positioned to capitalize on the anticipated substantial long-term growth in U.S. natural gas demand, thanks to its impressive portfolio of large-scale projects that create significant value. The company’s debt maturity profile is in good shape with its $4.5 billion revolver maturing in fiscal 2023.
WMB’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 13.68%.
Matador Resources is among the leading oil and gas explorers in the shale and unconventional resources in the United States. The company’s prime intention is to create more value for shareholders and generate lucrative returns from the capital invested in unconventional plays.
MTDR’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 13.89%.
Liberty Energy is a North American provider of hydraulic fracturing services to upstream energy operators. The company’s multi-basin presence offers an attractive upside opportunity compared with most of its peers. Its strong relationship with high-quality customers provides revenue visibility and business certainty.
LBRT’s earnings beat estimates in three of the trailing four quarters and missed once, delivering an average surprise of 9.88%.
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BP Claws Back $41M From Ex-CEO Amid Misconduct Allegations
BP plc (BP - Free Report) announced on Wednesday that it will claw back up to $41 million from its former chief executive Bernard Looney, following allegations of serious misconduct related to past relationship with colleagues. This decision came in the wake of Looney's abrupt resignation in September, prompting the energy giant to thoroughly review the circumstances surrounding his departure.
According to a statement released by BP, the total maximum value of the potential remuneration that has been forfeited or clawed back is a staggering £32,426,000 (approximately $41 million), including the maximum potential value of his salary, pension payments, deferred bonuses and other compensations, which he might have received before taxes. This sum was based on estimates of share prices, subject to changes dependent on the company's performance.
BP contends that Looney provided the company with "inaccurate and incomplete" information dating back to July 2022, accusing him of knowingly misleading the board. The company deems this behavior as serious misconduct, causing the board to dismiss Looney without notice, effective Dec 13.
In light of this decision, Looney will not receive any further salary or benefits from the dismissal date; he will also be denied an annual bonus for fiscal 2023. He will also need to repay 50% of the cash portion of the annual bonus paid for fiscal 2022.
The company is now tasked with the challenge of finding a suitable replacement for the vacant CEO position.
Zacks Rank & Key Picks
BP currently carries a Zack Rank #3 (Hold).
Some better-ranked stocks in the energy sector are The Williams Companies, Inc. (WMB - Free Report) , Matador Resources Company (MTDR - Free Report) and Liberty Energy Inc. (LBRT - Free Report) . While Williams Companies sports a Zacks Rank #1 (Strong Buy), both Matador Resources and Liberty Energy carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Williams Companies is well-positioned to capitalize on the anticipated substantial long-term growth in U.S. natural gas demand, thanks to its impressive portfolio of large-scale projects that create significant value. The company’s debt maturity profile is in good shape with its $4.5 billion revolver maturing in fiscal 2023.
WMB’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 13.68%.
Matador Resources is among the leading oil and gas explorers in the shale and unconventional resources in the United States. The company’s prime intention is to create more value for shareholders and generate lucrative returns from the capital invested in unconventional plays.
MTDR’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 13.89%.
Liberty Energy is a North American provider of hydraulic fracturing services to upstream energy operators. The company’s multi-basin presence offers an attractive upside opportunity compared with most of its peers. Its strong relationship with high-quality customers provides revenue visibility and business certainty.
LBRT’s earnings beat estimates in three of the trailing four quarters and missed once, delivering an average surprise of 9.88%.