Halliburton Co.’s shareholders voted against the oilfield services provider’s proposed executive compensation plan in an advisory motion, the company said on May 20.
Halliburton CEO Jeff Miller said the company was “disappointed by the shareholder advisory vote” and that it had led its peers in shareholder returns despite challenges stemming from the coronavirus pandemic and a supply and demand imbalance in oil markets.
Halliburton did not provide vote tallies. The company revised its executive compensation program in 2019 and received 91% approval of the plan from shareholders last year.
Shares of Halliburton are up about 18% year-to-date to $22.38 as oilfield activity has slowly returned amid higher prices.
Miller and other executives pledged to cut salaries last year after the pandemic crippled the oil market and set off a wave of layoffs in the industry.
Although Miller cut his base salary by $200,000 between 2019 and 2020, he received some $9.7 million in stock awards, versus $3.6 million the previous year. Overall, his compensation was 293 times the median compensation for Halliburton employees, the company said in an April filing.
CFO Lance Loeffler’s base salary jumped from $650,000 to $709,000 between 2019 and 2020, and his earnings were also bolstered by stock awards.
Halliburton in April said the sharp increase in 2020 compensation was due to changes to the plan and reporting. Companies are not required to comply with advisory votes.
Recommended Reading
BP: Gimi FLNG Vessel Arrival Marks GTA Project Milestone
2024-02-15 - The BP-operated Greater Tortue Ahmeyim project on the Mauritania and Senegal maritime border is expected to produce 2.3 million tonnes per annum during it’s initial phase.
Orange Basin Serves Up More Light Oil
2024-03-15 - Galp’s Mopane-2X exploration well offshore Namibia found a significant column of hydrocarbons, and the operator is assessing commerciality of the discovery.
E&P Highlights: March 4, 2024
2024-03-04 - Here’s a roundup of the latest E&P headlines, including a reserves update and new contract awards.
Rystad: More Deepwater Wells to be Drilled in 2024
2024-02-29 - Upstream majors dive into deeper and frontier waters while exploration budgets for 2024 remain flat.
Deepwater Roundup 2024: Offshore Australasia, Surrounding Areas
2024-04-09 - Projects in Australia and Asia are progressing in part two of Hart Energy's 2024 Deepwater Roundup. Deepwater projects in Vietnam and Australia look to yield high reserves, while a project offshore Malaysia looks to will be developed by an solar panel powered FPSO.