Carbo Ceramics Inc. (NYSE: CRR) said its executives would take a 10-30% cut in their monthly cash compensation as the company looks to slash costs.
The Houston-based oilfield service provider, which makes ceramic balls used to keep the cracks in fractured shale rock open, said on April 11 the cut would be through voluntary participation by executives in furloughs, unpaid time off and leaves.
Carbo Ceramics, however, said it had not amended the employment contracts of its chief executive and other executives.
A Reuters analysis of filings through mid-March showed that a number of companies had changed their payout plans for executives amid the collapse in oil prices.
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