Shale producer Pioneer Natural Resources Co. said on Nov. 20 it would reinstate full salaries of its CEO and other executives in 2021, after cutting them earlier this year as the COVID-19 pandemic crushed oil prices.
Pioneer had cut CEO Scott Sheffield’s annual base salary by 20% in May, a month after U.S. oil prices fell below $0 per barrel for the first time ever due to a slump in demand caused by the health crisis and a supply glut.
Oil prices have since recovered and were trading around $42 per barrel on Nov. 20, though recent restrictions have cast a shadow on demand recovery.
Rival Parsley Energy, which Pioneer agreed to buy in October, slashed executive pay by 50% in March.
Pioneer said in May it expects to save $100 million annually through job cuts and a new organizational structure.
EagleClaw Midstream said it is the first major gathering and processing company in the Permian Basin to procure 100% of its power for operations from renewable energy sources.
Colgate Energy priced the offering of $500 million new senior unsecured notes due 2029, increased from the originally proposed $400 million, at par.
Much as the current market for oil and gas assets functions today at a relatively lower level than in recent years, the trading of private equity energy investments in the $60 billion secondary market is “logjammed.”