Oil honchos hit pay dirt as their companies go broke

  • 📰 BusinessTimes
  • ⏱ Reading Time:
  • 64 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 29%
  • Publisher: 51%

日本 ニュース ニュース

日本 最新ニュース,日本 見出し

FOR Whiting Petroleum Corp chief executive officer Brad Holly, filing for bankruptcy had at least one perk: a US$900,000 pay raise. Read more at The Business Times.

"For some executives, it's resulted in massive payouts, far and above what they would have ever received if the company hadn't filed for bankruptcy."

To bank these top-dollar payouts, the trick has been for board compensation committees to compare their company's performance to other energy companies, rather than the wider market, Mr Terreson noted. That narrowing of the field can mean management teams achieve their bonus targets even if investors incurred losses.

Whiting spokesman Eric Hagen did not respond to an e-mail or phone message seeking comment from Mr Holly. Chesapeake spokesman Gordon Pennoyer declined to comment; Samir Ali, a spokesman for Diamond Offshore, also did not respond to messages. Margita Thompson and Sydney Isaacs, spokesmen for California Resources, also did not respond.

"There's obviously a desire to keep management on through the bankruptcy process, but to give them these outsized bonuses is shocking to me and to many," she said."It doesn't make any sense. Will there be more? It certainly seems like it." Mark Andrews, who leads Dykema Gossett's bankruptcy practice group in Dallas, said:"I understand why people look at those packages and feel incensed. But creditors are often in a vulnerable and time-pressured position. If you have mass desertion, you have a real problem. So you tend to overpay."

 

コメントありがとうございます。コメントは審査後に公開されます。
このニュースをすぐに読めるように要約しました。ニュースに興味がある場合は、ここで全文を読むことができます。 続きを読む:

 /  🏆 15. in JP

日本 最新ニュース, 日本 見出し

Similar News:他のニュース ソースから収集した、これに似たニュース記事を読むこともできます。

CEO of Malaysian oil company Petronas to resign after five years: BernamaKUALA LUMPUR (REUTERS) - The President and Chief Executive Officer of Malaysia's Petroliam Nasional, Wan Zulkiflee Wan Ariffin, is expected to announce his resignation from the company soon, state media Bernama reported on Saturday (June 6), citing unidentified sources.. Read more at straitstimes.com. uno reverse pleaseletthisblowup
ソース: The Straits Times - 🏆 8. / 63 続きを読む »

CEO of Malaysian oil company Petronas to resign after five years: BernamaKUALA LUMPUR (REUTERS) - The President and Chief Executive Officer of Malaysia's Petroliam Nasional, Wan Zulkiflee Wan Ariffin, is expected to announce his resignation from the company soon, state media Bernama reported on Saturday (June 6), citing unidentified sources.. Read more at straitstimes.com. uno reverse pleaseletthisblowup
ソース: The Straits Times - 🏆 8. / 63 続きを読む »