BP CEO's Pay Slashed by 30% Following Profit Decline and Strategy Shift

Murray Auchincloss's pay cut reflects BP's missed financial targets and a controversial pivot away from renewable energy investments.

BP's profits fell 35% in 2024 to $8.9 billion, down from $14 billion in 2023, as oil and gas prices stabilized after record highs in 2022.
CEO Murray Auchincloss's total pay dropped to £5.4 million in 2024, a 30% decrease from £7.7 million in 2023, driven by reduced bonuses and share payments.
The company has scaled back its renewable energy investments by over £4 billion, citing an overly optimistic outlook on the green transition.
Activist investor Elliott Investment Management has pressured BP to prioritize its oil and gas business over ambitious emissions-cutting targets.
Environmental groups have criticized BP's strategy reversal, calling it a betrayal of climate goals and a move that prioritizes shareholder returns over sustainability.