Director/PDMR Shareholding

BP PLC
08 May 2024
 

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:

Deliver value through a resilient hydrocarbon business;

Demonstrate track record, scale and value in low carbon energy; and

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.

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END
 
 

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