Remember management also paid a big price...and had to make tough decisions...Most of you only lost a matching...because you do not own many shares...Some of you lost your job (life is tough but that is life in the cyclical oil business). I went thru 6 business cycles in 48 years where oil price was cut in half...
Proxy indicates the following...This is direct quote from proxy, which is SEC regulated.
1) 2020 total direct compensation for senior executives decreased by approximately 40 to 50 percent
2) No bonus award granted for 2020 in line with current business environment and resulting Company earnings
3) 2021 salaries held at 2020 levels, reflective of current market conditions
4) Long–term award value decreased due to lower stock price.
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“Management also paid a big price” – really, OP ? At a meeting we had a few weeks ago our manager got a direct question: “why did the top company leaders get bonuses when we got laid off, pipped off and left without 401K matching?” . Our manager had to quote what he was told from above: “those who will get us out of this ho–e need to be incentivized”. Of course, they are the same who got us in the ho–e in the first place – no penalty for that. Unlike you, our manager felt ashamed to have to give us such a ridiculous, pathetic explanation. You definitely have higher potential.
You forgot to list in the accomplishments elimination of cost of living adjustments. Me and my peers in the Permian are making 30% less than a year ago. We are all in this together right? Sure doesn’t feel like it to me.
And as soon as stock peixe rises they will gain it all back. You are and id––t if you believe what you are posting. I voted against their compensation this year. First time I’ve ever done it after decades as an employee. They also still received their dividends.
What is with all the posts to defend the boards compensation lately? I feel so bad for these clowns losing out on their millions in compensation. /s
Seriously, if this companies top leadership believes they handled the downturn well, they all should be considered NSI and pushed out the door for "performance reasons". The company is left demoralized and with a half assed plan to ship jobs overseas by mass hiring college grads. Our competitors are laughing at the EM brand for literally being the worst of the majors.
Exxonmobil's best and brightest led us to last place.
According to their own rules, they should be NSI given the performance of the company. Their lack of decision making in the last decade has led the company to be in the worse relative position vs. It’s peers before COVID.
NSI folks are PIPed and for sure receive zero stock options.
They are dragging us DOWN!
Yeah! sure that must have hurt. Borrowing heavily to pay dividends despite declining
earnings and the worst performance amongst its peer group. These flunkies should have been sent packing.