The Oil Gusher: Money talks – but how loud and in what language? And who walks the talk?

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The Oil Gusher: Money talks – but how loud and in what language? And who walks the talk?

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The Oil Gusher

Money talks – but how loud and in what

language? And who walks the talk?

Industry Overview

Key takeaways 15 May 2026

Equity• 2025 CEO pay packages in European Big Oil have outpaced share prices - fastest at

Pan-Euro

Shell and narrowing the gap to US peers Oils

• AGM season so far has seen higher ‘Say on Pay’ rejection - with more to come at Shell

next week (and more ‘Say on Climate’) ChristopherResearch AnalystKuplent >>

MLI (UK)• Trilemma bitemarks? BP Chair elected with only 82% of AGM votes after not tabling +44 20 7995 8222

‘Follow This’ resolution. Reiterate Underperform christopher.kuplent@bofa.com

Matthew Smith >>

Research Analyst

MLI (UK)AGM season kicked off with three own goals by BP +44 20 7996 7109

BP’s Board managed to score at least three own goals kicking off this year’s AGM matt.smith1@bofa.com

season in April, in our view – recording almost 20% of votes against the election of BP’s Cian Evans-Cowie >>

new Chair (in post since October 2025) and receiving <50% of votes in favour of two ResearchMLI (UK) Analyst

Board resolutions. Cue yet more soul-searching ahead at BP – despite its latest ‘re-set’ +44 20 7995 0940

cian.evans-cowie@bofa.com

via the emblematic arrival of BP’s new CEO in April. In our view, BP’s Big Oil Trilemma

will continue to expose shareholders to more execution risk vs. peers (without offering a

relative valuation discount): The repair of both its balance sheet as well as its under- Jargon buster:

resourced Upstream portfolio impairs BP’s ability to compete with peers’ cash returns.

ACCR: Australasian Centre for

Money talks: CEO pay inflation continues (fastest at Shell) Corporate Responsibility