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Global Energy Advisory July 6th 2018

Refinery

Almost 50% of U.S. large oil company executives are seeing their pay tied to shareholder returns as production growth relinquishes the top spot in the industry’s agenda. Shareholders have been making life difficult for E&Ps recently as they lose patience expecting to see sizeable returns on their investment in an industry that just recently began to emerge from one of the worst price crises in history.

A survey by Goldman Sachs among 39 sector players revealed that 19 of them, including Occidental Petroleum, EOG Resources, Anadarko Petroleum, and Hess Corporation have pegged the salaries and annual bonuses of their executives to shareholder returns. The immediate driver behind the moves is the fact that despite rising oil prices, the shares of oil companies have improved more moderately and not so consistently, undermining shareholder optimism.

Yet, the changes currently only target short-term remuneration, while long-term incentives such as stock options and restricted stock, which represent some 65% of executive pay packages have been left alone for the time being. Many other companies are in the process of reviewing the pay packages of their executives and more changes may follow.

Deals, Mergers & Acquisitions

• Enbridge has struck a deal to sell infrastructure including natural gas gathering pipelines and processing plants in Western Canada for a total $3.28 billion. The deal will allow the pipeline operator to reduce debt and…

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