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BP's Ex-CEO Looney Faces Major Compensation Cut Post Resignation
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BP plc’s (BP - Free Report) chief executive Bernard Looney faced a significant blow to his total compensation in 2023, as revealed in the company's annual report. Looney, who resigned abruptly in September 2023, incurred a £1.8 million reduction in his compensation due to the penalties levied by the London-based oil and gas giant.
BP attributed the financial setback to Looney's failure to disclose his relationship with colleagues to the company's board, deeming his actions as serious misconduct. The board's decision to dismiss him without notice was outlined in the report released on Dec 13.
According to the December announcement, Looney was expected to relinquish as much as £32.4 million, primarily comprising potential remuneration automatically forfeited upon his resignation. The annual report detailed that a total of £2.98 million in "malus and clawback" was applied to Looney for 2023, resulting in a net hit to his remuneration.
Despite receiving salary, benefits and cash in lieu of pension, he did not receive an annual bonus or performance shares. Additionally, he repaid 50% of the cash portion of his 2022 bonus, amounting to £420,000.
Following Looney's sudden departure, BP’s chief financial officer Murray Auchincloss assumed the interim position of CEO, ultimately being appointed as the permanent head of the company in January. Auchincloss experienced a notable increase in his total compensation, which increased to £6.5 million in 2023 from £4.4 million in 2022. His base pay was set at £1.45 million, aligning with that of his predecessor.
BP defended Auchincloss' compensation, stating that the extensive external search (undertaken by the company) confirmed its view that a base pay of £1.45 million was competitive enough to lead a company of BP’s size, business complexity and strategic ambition.
Sunoco is among the biggest motor fuel distributors in the U.S. wholesale market in terms of volumes. By distributing more than 10 fuel brands via 10,000 convenience stores under long-term distribution contracts, the partnership will continue to generate stable cash flow.
The Zacks Consensus Estimate for SUN’s 2024 EPS is pegged at $4.89. The stock has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
Murphy USA is a leading independent retailer of motor fuel and convenience merchandise in the United States.
The Zacks Consensus Estimate for MUSA’s 2024 EPS is pegged at $25.58. The company has a Zacks Style Score of B for Growth and B for Value. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
Energy Transfer is a publicly traded limited partnership, focused on diverse energy assets in the United States. The company’s core operations involve natural gas midstream services, transportation, storage, crude oil facilities and marketing assets.
The Zacks Consensus Estimate for ET’s 2024 EPS is pegged at $1.44. The company has witnessed upward earnings estimate revisions for 2024 in the past 30 days. ET’s 2024 earnings are expected to rise 32.1% year over year.
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BP's Ex-CEO Looney Faces Major Compensation Cut Post Resignation
BP plc’s (BP - Free Report) chief executive Bernard Looney faced a significant blow to his total compensation in 2023, as revealed in the company's annual report. Looney, who resigned abruptly in September 2023, incurred a £1.8 million reduction in his compensation due to the penalties levied by the London-based oil and gas giant.
BP attributed the financial setback to Looney's failure to disclose his relationship with colleagues to the company's board, deeming his actions as serious misconduct. The board's decision to dismiss him without notice was outlined in the report released on Dec 13.
According to the December announcement, Looney was expected to relinquish as much as £32.4 million, primarily comprising potential remuneration automatically forfeited upon his resignation. The annual report detailed that a total of £2.98 million in "malus and clawback" was applied to Looney for 2023, resulting in a net hit to his remuneration.
Despite receiving salary, benefits and cash in lieu of pension, he did not receive an annual bonus or performance shares. Additionally, he repaid 50% of the cash portion of his 2022 bonus, amounting to £420,000.
Following Looney's sudden departure, BP’s chief financial officer Murray Auchincloss assumed the interim position of CEO, ultimately being appointed as the permanent head of the company in January. Auchincloss experienced a notable increase in his total compensation, which increased to £6.5 million in 2023 from £4.4 million in 2022. His base pay was set at £1.45 million, aligning with that of his predecessor.
BP defended Auchincloss' compensation, stating that the extensive external search (undertaken by the company) confirmed its view that a base pay of £1.45 million was competitive enough to lead a company of BP’s size, business complexity and strategic ambition.
Zacks Rank & Key Picks
BP currently carries a Zack Rank #3 (Hold).
Some better-ranked stocks in the energy sector are Sunoco LP (SUN - Free Report) , Murphy USA Inc. (MUSA - Free Report) and Energy Transfer LP (ET - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Sunoco is among the biggest motor fuel distributors in the U.S. wholesale market in terms of volumes. By distributing more than 10 fuel brands via 10,000 convenience stores under long-term distribution contracts, the partnership will continue to generate stable cash flow.
The Zacks Consensus Estimate for SUN’s 2024 EPS is pegged at $4.89. The stock has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
Murphy USA is a leading independent retailer of motor fuel and convenience merchandise in the United States.
The Zacks Consensus Estimate for MUSA’s 2024 EPS is pegged at $25.58. The company has a Zacks Style Score of B for Growth and B for Value. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
Energy Transfer is a publicly traded limited partnership, focused on diverse energy assets in the United States. The company’s core operations involve natural gas midstream services, transportation, storage, crude oil facilities and marketing assets.
The Zacks Consensus Estimate for ET’s 2024 EPS is pegged at $1.44. The company has witnessed upward earnings estimate revisions for 2024 in the past 30 days. ET’s 2024 earnings are expected to rise 32.1% year over year.