Halliburton Shareholders Vote Against Executive Compensation Plan

Share:

May 21, 2021
Jeff Miller (Photo: Halliburton)

Jeff Miller (Photo: Halliburton)

Halliburton Co's shareholders voted against the oilfield services provider's proposed executive compensation plan in an advisory motion, the company said on Thursday.

Halliburton Chief Executive Officer 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.

Chief Financial Officer 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.

(Reporting by Arunima Kumar in Bengaluru and Liz Hampton in Denver; Editing by Shailesh Kuber and Cynthia Osterman)

No comments

More Popular Posts

About Crude Oil Brokers Ltd

Crude Oil Brokers Ltd is a dedicated global broker and facilitator of crude oil buying and selling. We work directly with crude oil buyers and crude oil sellers worldwide. We are a United Kingdom and Nigerian based firm, privately owned and devoted to the brokering of crude oil and other petroleum products buying and selling.

We have buyers and sellers of;

1. Nigerian Bonny Light Crude Oil, BLCO

2. D2 Diesel Fuel, JP54 Jet Fuel, Mazut etc.

3. Saudi Light Crude Oil, SLCO

4. Iraqi Light Crude Oil

If you are a buyer or seller of crude oil or other petroleum products or have mandate to buy or sell any of the above oil products, do contact us because we could be of help.

To contact Crude Oil Brokers, click here ». To learn more about Crude Oil Brokers Ltd, click here


Crude Oil Brokers