Director/PDMR Shareholding

RNS Number : 2853N

BP PLC

30 May 2022

 

BP p.l.c.

Notification of transactions of persons discharging managerial responsibility or connected persons

EDIP performance shares 2022-2024 award

BP p.l.c. (the "Company") announces that, on 26 May 2022, 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 directors' remuneration policy (the "Policy") which was approved by shareholders on 27 May 2020 and as provided for in the 2021 directors' remuneration report approved by shareholders on 12 May 2022.

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 12 May 2022 (£3.84).

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 bp's 2021 directors' remuneration report, Awards will vest subject to performance against a combination of the following financial and strategic measures:

· Relative total shareholder return (20%) assessed against a benchmarking group, comprising Chevron, Eni, Equinor, Exxon, Repsol, Shell and Total;

· Return on average capital employed (20%);

· EBIDA compound annual growth rate per share (20%); and

· Strategic progress (40%) assessed in line with the following measures:

o  Deliver value through a resilient and focused hydrocarbon business;

o  Accelerate growth in customers and products; and

o  Demonstrate track record, scale and value in low carbon electricity and energy.

Number of shares subject to award

Name   Award
Bernard Looney                  1,813,175 ordinary shares
Murray Auchincloss           937,500 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.

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Bernard Looney
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	1,813,175 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 1,813,175
d)	Aggregated information -  Volume -  Price -  Total	1,813,175 Nil consideration. Market value £4.35 Nil. Market value £7,887,311.25
e)	Date of the transaction	26 May 2022
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Murray Auchincloss
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	937,500 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 937,500
d)	Aggregated information -  Volume -  Price -  Total	937,500 Nil consideration. Market value £4.35 Nil. Market value £4,078,125.00
e)	Date of the transaction	26 May 2022
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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