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On Friday morning, Norway’s largest company, the oil and energy giant Equinor, will present its recent annual report from last year. In the annual reports, the business is reviewed in detail. Group management salaries and bonuses are also displayed here.
Last year’s annual report shows that the permanent members of the group’s management have waived the right to receive a bonus for 2020, as formally approved by the board of directors.
– The group’s management announced already in March that it would waive the bond for 2020 based on a market situation that occurred as a result of Covid-19. We had to take a series of extraordinary measures to strengthen the company’s health and financial condition, says CIO Bård Glad Pedersen at Equinor.
The highest paid
Here are the top three most paid Equinor tops last year.
- Former CEO Eldar Sætre received a total compensation of $ 1.16 million. This corresponds to almost 10 million kronor at the current krone exchange rate.
- Al Cook, executive vice president of International Production and Development, received a total compensation of $ 1.04 million. This corresponds to almost 9 million kronor at the current krone exchange rate.
- Margareth Øvrum, former executive vice president of Development and Production Brazil, received a total compensation of $ 909,000. This corresponds to around NOK 7.7 million at the current krona exchange rate.
Eldar Sætre resigned as CEO last fall. Al Cook’s fixed salary includes $ 75,000 in compensation for retirement savings. Margareth Øvrum retired at the beginning of the year.
Several have left the management of the group
Several of Equinor’s leaders have left the company before, after Anders Opedal took over as Eldar Sætre’s new CEO this fall. Former CFO Lars Christian Bacher stepped down a few days before Opedal took over as CEO. Bacher was considered one of the favorites to succeed Eldar Sætre as CEO. He received a total compensation of $ 477,000, equivalent to about four million kronor at the current krone exchange rate.
Torgrim Reitan, former Equinor director of international operations, also fought for the top spot. When Opedal presented the group’s new leadership last fall, it wasn’t on the block. He assumed the position of director of finance and control in the Renewables business area. He received a total compensation of $ 614,000, corresponding to about 5.2 million crowns at the current kronor exchange rate.
In early 2021, DN wrote that Equinor veteran Torger Rød will be the new top manager of the oil company Vår Energi. He has held several key positions at Equinor, including project manager, and most recently was the company’s head of security.
Historically weak quarterly result
In February, Equinor posted its weakest quarterly result in its history. Adjusted profit after taxes ended at minus $ 554 million in the fourth quarter. The company must return to the third quarter of 2016, in the middle of the period of greatest oil crisis, to find similarly weak figures. Then the losses ended at $ 261 million after taxes.
As for most oil companies, 2020 was a difficult year for Equinor, with a sharp drop in demand for oil around the world and an oil price that therefore also fell sharply. While the Norwegian business has shown positive results, the money comes from the international business.
At the same time as the fourth quarter results were presented, Equinor also announced that it was selling the Bakken field in the US.
– We want to work with our international business in which we have worked for several years. First, we work to improve all the assets we have. Either as an operator or we work through the association to ensure that the operator does the best job possible and creates value for us. And then we will use exploration and business development as tools in that value creation. But the direction towards a stronger international portfolio is very clear, CEO Anders Opedal said at the time.
Return in the price of oil
There have been several positives for Equinor in recent months. The price of oil has risen to more than $ 60 a barrel and in brief moments has been trading at more than $ 70 a barrel this year.
Equinor has done more in renewable energy, both in wind and in cooperation in hydrogen. In September last year, Equinor sold half of the Empire Wind and Beacon Wind offshore wind projects in the US to BP for NOK 10 billion.
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