The Okonomi online newspaper is updating the article.
Equinor’s top manager earned a base salary of around NOK 9.4 million. In total, Obedal received approximately 18.1 in taxable compensation. Equinor writes in the annual report on Friday.
The remuneration of US$2.055 million – about NOK 18.1 million – consists of a number of supplemental and bonus programs that make the final amount well above the base salary.
6.7 million in 2020
to compare happened Eldar Sætre DKK 9.9 million in His final year as CEO is in 2020, the year oil prices plunged to record lows. Then the entire group management waived the bonus for the year.
In 2020, Obidal’s salary was 6.7 million NOK.
Opedal’s 2021 salary of NOK 18.1 million includes a target bonus of 25 percent, reflecting Equinor’s performance throughout the financial year and value to shareholders. The award to Opedal is NOK 4.3 million. In addition, there is a boost to the so-called Long-Term Incentive Scheme, which amounts to NOK 1.4 million.
The biggest salary winners in group management outside of Obedal are drilling director Arne Sigve Nylund, Norwegian dredging manager Kjetel Hoff, technology manager Carrie Lockhart and foreign manager Al Cook. The first two received 8.8 million crowns. Lockhart earned 10.4 million, while Cook earned 16.8 million in 2021.
2021 was marked by a spike in oil and gas prices, which means Equinor has delivered revenues and results the oil giant has never seen before. The keyword “record” appears 15 times in Equinor’s latest annual report.
Cash flow from the Norwegian continental shelf alone has been high, at NOK 176 billion in 2021 alone.
In explaining why group management should receive such high payments in addition to the base salary, Equinor uses three factors:
- Cash flow from operating activities exceeded NOK 290 billion after tax, which is above the NOK 105 billion threshold.
- The debt ratio ended at -0.8 percent, so far below the <30 percent threshold.
- The operational and financial results of the company have been very impressive. In 2021 Equinor delivered record high cash flow and best after-tax result since 2008, as well as strong operating results.
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