Robert Besser
10 Mar 2025

LONDON, U.K.: British Petroleum CEO Murray Auchincloss saw his pay package drop to 5.4 million pounds (US$6.95 million) in 2024, down from 8 million pounds the previous year, the company announced in its annual report this week.

The decline comes as BP reported a 35 percent drop in annual profits, which fell to $8.9 billion. The company stated that no bonuses were awarded based on financial performance.

BP is currently facing pressure from activist investor Elliott Investment Management to strengthen its oil and gas business. In response, the company has scaled back several of its ambitious renewable energy and emissions-reduction targets set since 2020. It has also abandoned its previous commitment to cut oil and gas output by a quarter by 2030.

Despite efforts to reshape its strategy, BP's stock performance has lagged behind that of its competitors. Over the past five years, BP shares have remained nearly flat, while Exxon Mobil's stock has surged by around 110 percent and Shell's has risen by 49 percent.

The company's shifting focus and reduced CEO compensation reflect the broader challenges BP faces as it navigates energy market transitions and investor expectations.