BP
p.l.c.
Notification of
transactions of persons discharging managerial responsibility or
connected persons
EDIP
performance shares 2024-2026 award
BP p.l.c. (the "Company") announces that, on 7 May
2024, conditional performance share awards (the "Awards") were made under the bp
Executive Directors' Incentive Plan (the "Plan"). The Awards were made in
accordance with the rules of the Plan and the 2023 directors'
remuneration policy (the "Policy") and as provided for in the
2023 directors' remuneration report (the "Report"), which were approved by
shareholders on 27 April 2023 and 25 April 2024
respectively.
Level of
award
The Remuneration Committee (the "Committee") has made these Awards at
500% of base salary for the chief executive officer and 450% for
the chief financial officer, in line with the Policy. In
calculating the number of bp shares over which these Awards have
been made, the Committee has applied the average price of bp shares
over the 90 calendar days up to and including the annual general
meeting that was held on 25 April 2024 (£4.89).
The Committee retains absolute discretion to
adjust the formulaic outcome at the time of vesting of the Awards
should it not reflect the shareholder experience over the
performance period or be otherwise inconsistent with the size of
the Award.
Performance
conditions
As set out in the Policy and Report, Awards
will vest subject to performance against a combination of the
following financial and strategic measures:
·
Relative total shareholder return (25%) assessed against a
benchmarking group, comprising Chevron, Eni, Equinor, ExxonMobil,
Repsol, Shell and TotalEnergies;
·
Return on average capital employed (20%);
·
Adjusted EBIDA compound annual growth rate per share
(20%);
·
Cumulative reduction percentage in operated carbon emissions
(15%); and
·
Strategic progress (20%) assessed in line with the following
measures:
o Deliver value
through a resilient hydrocarbon business;
o Demonstrate
track record, scale and value in low carbon energy; and
o Accelerate
growth in convenience and mobility.
Number of
shares subject to award
|
Name
|
Award
|
|
Murray Auchincloss
|
1,482,617 ordinary shares
|
|
Kate Thomson
|
736,196 ordinary shares
|
These awards will vest in three years and in
proportion to the outcomes measured through the performance
scorecard, with a holding period that requires the shares to be
retained for a further three years. The executive directors will be
entitled to the value of reinvested dividends on those ordinary
shares which vest.
|
1
|
Details of the
person discharging managerial responsibilities/person closely
associated
|
|
a)
|
Name
|
Murray Auchincloss
|
|
2
|
Reason for the
notification
|
|
a)
|
Position/status
|
Chief executive officer / Director
|
|
b)
|
Initial notification/Amendment
|
Initial notification
|
|
3
|
Details of the
issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
|
|
a)
|
Name
|
BP p.l.c.
|
|
b)
|
LEI
|
213800LH1BZH3DI6G760
|
|
4
|
Details of the
transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and
(iv) each place where transactions have been
conducted
|
|
a)
|
Description of the financial instrument, type
of instrument
Identification code
|
Ordinary shares of $0.25
GB0007980591
|
|
b)
|
Nature of the transaction
|
1,482,617 performance share units (in the form
of ordinary shares) awarded under the bp Executive Directors'
Incentive Plan.
|
|
c)
|
Price(s) and volume(s)
|
|
Price(s)
|
Volume(s)
|
|
Nil consideration
|
1,482,617
|
|
|
d)
|
Aggregated information
-
Volume
-
Price
-
Total
|
1,482,617
Nil consideration. Market value
£4.89
Nil consideration. Market value
£7,249,997.13
|
|
e)
|
Date of the transaction
|
7 May 2024
|
|
f)
|
Place of the transaction
|
Outside a trading venue
|
|
1
|
Details of the
person discharging managerial responsibilities/person closely
associated
|
|
a)
|
Name
|
Kate Thomson
|
|
2
|
Reason for the
notification
|
|
a)
|
Position/status
|
Chief financial officer / Director
|
|
b)
|
Initial notification/Amendment
|
Initial notification
|
|
3
|
Details of the
issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
|
|
a)
|
Name
|
BP p.l.c.
|
|
b)
|
LEI
|
213800LH1BZH3DI6G760
|
|
4
|
Details of the
transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and
(iv) each place where transactions have been
conducted
|
|
a)
|
Description of the financial instrument, type
of instrument
Identification code
|
Ordinary shares of $0.25
GB0007980591
|
|
b)
|
Nature of the transaction
|
736,196 performance share units (in the form of
ordinary shares) awarded under the bp Executive Directors'
Incentive Plan.
|
|
c)
|
Price(s) and volume(s)
|
|
Price(s)
|
Volume(s)
|
|
Nil consideration
|
736,196
|
|
|
d)
|
Aggregated information
-
Volume
-
Price
-
Total
|
736,196
Nil consideration. Market value
£4.89
Nil consideration. Market value
£3,599,998.44
|
|
e)
|
Date of the transaction
|
7 May 2024
|
|
f)
|
Place of the transaction
|
Outside a trading venue
|
This notice is given in fulfilment of the
obligation under Article 19 of the Market Abuse
Regulation.