When oil is at $100/bbl everyone is happy. Bonuses are good. Executives take full credit for how well the company is doing. When oil is low, the executives blame poor company performance on low oil prices. They cut staff to save their own overpaid jobs. Anyone who works in this industry knows that executive pay has nothing to do with the executives themselves. The executives are just along for the commodity price ride. The only people who really get hurt during the boom and bust cycles are the actual rank and file employees who have to do actual work. For the ELT and other top management, it is just the luck of winning a lottery ticket and the fact that they are in jobs where they are never cut and never feel any impact of any of the downturns. If you really want to make it in this industry, just kiss up enough to land a top job and count the dough as it racks up year after year. For the other 90% it always has and always will be a wild ride where YOU are sacrificed so that the continuously overpaid get to continue to sit in the ivory tower
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You missed one important point. The shareholders are also routinely mistreated while executives continue making huge salaries and getting other rewards.
Thanks, Captain Obvious.
Small companies are even worse. The owner makes up whatever rules they like and answer to nobody.
Small companies are just as bad, been there done that. Total sweat shops.
Careful. Last time I posted a comment critical of our overlords my post was deleted.
I think this sums it up in oil and gas. The very small companies aren't like this, but once you reach a certain threshold of employees, this is 100% correct.