MARATHON OIL SHRINKS CEO PAY 25%, WILL CUT EMISSIONS

Marathon Oil Corp. took a rare step among independent shale explorers by cutting executive compensation and boosting anti-pollution targets. Such measures have become increasingly common among the top tier of major oil companies as management teams seek to allay investors concerned about environmental impacts, social issues and corporate governance. The Houston-based oil driller will slash chief executive Lee Tillman’s total compensation by 25 per cent and cut greenhouse-gas emissions on a unit-of-production basis in half by 2025. Kimmeridge Energy Management Co., an activist investor pushing other shale companies to take similar steps, applauded the moves. The compensation changes, which also apply to the board of directors, include the elimination of oil-production metrics in calculating annual bonuses, Marathon said. Tillman’s 2019 compensation climbed 15 per cent from to US$14.1 million, according a federal filing.