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.
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