March 1st, 2024

Oil sector CEO compensation jumps double-digits amid surging profits: report

By The Canadian Press on January 17, 2024.

A new report says executive compensation in the oil and gas sector is on a sharp rise, shooting up by as much as three-quarters last year. Suncor's base plant with upgraders in the oil sands in Fort McMurray Alta, on Monday June 13, 2017. THE CANADIAN PRESS/Jason Franson

CALGARY – A new report says executive pay in the oil and gas sector is on a sharp rise as the sector continues its post-pandemic resurgence.

The Bedford Consulting Group says total compensation for CEOs grew in almost all asset classes at 143 companies in Canada and the United States.

Chief executives’ total compensation ranged from a median $425,255 at companies with total assets under $100 million to $16.6 million at companies with total assets topping $30 billion.

Five of the seven company asset tiers laid out in the report saw median CEO compensation rise by at least 20 per cent in 2022 year-over-year.

Bedford managing partner Frank Galati attributes the increase to the industry’s “strong position,” as energy demand rebounded alongside a slew of new export terminals on the Gulf of Mexico coast.

Bedford also says that despite steps toward greater diversity on company boards, only 3.2 per cent of CEOs in the sector identified as female.

This report by The Canadian Press was first published Jan. 17, 2024.

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