Occidental Petroleum Corp. said on Feb. 11 it had restored a major portion of its CEO’s base salary, nearly a year after its management and employees were forced to take a pay cut to battle one of the industry’s worst downturns.
CEO Vicki Hollub’s salary was restored to $1 million, effective Jan. 1, with the move coming at a time when WTI crude futures in the U.S. have touched a year high and are near $60/bbl.
Hollub’s salary of $1.35 million was slashed by 81% in March, while the base salary of executives was capped at $250,000. In July, however, the company approved a partial restoration by capping salaries at a $500,000 limit.
Rival Pioneer Natural Resources Co. reinstated its CEO’s pay in November.
While oil and gas workers are still among the highest-paid in the world, salaries in the sector are closely tied to oil prices, which plunged last year as coronavirus-induced lockdowns slashed demand for fuel.
Houston-based Occidental is expected to report a loss of 59 cents per share, when it reports its fourth-quarter results on Feb. 16, according to Refinitiv IBES data.
The facility will be located on 100 acres in Texas' Permian Basin and will capture up to 1 million metric tons of CO₂ from the atmosphere a year, Occidental Petroleum said in a joint statement with Rusheen Capital.
Oil and gas company Ophir Energy, which historically focused on Africa, has of late been concentrating on Asia, purchasing some assets from Australian peer Santos last year.
Australian oil and gas producer Senex Energy Ltd. (ASX: SXY) will start its Surat Basin natural gas drilling program next month after contracting oil and gas services provider Easternwell. Senex is a supplier of gas to Australia's east coast gas market.