OXY Restores Major Portion of CEO Pay as Oil Prices Rise

Rithika Krishna
Friday, February 12, 2021

Occidental Petroleum Corp said on Thursday it had restored a major portion of its chief executive officer's base salary, nearly a year after its management and employees were to 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, 2021, with the move coming at a time when U.S. crude prices have touched a year high and are near $60 per barrel.

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 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, Texas-based Occidental is expected to report a loss of 59 cents per share, when it reports its fourth-quarter results on Tuesday, according to Refinitiv IBES data. 

(Reporting by Rithika Krishna in Bengaluru)

Categories: People & Company News People Activity North America

Related Stories

ASL to Work on Metocean Data for Offshore Wind Project in Atlantic Canada

US Gulf of Maine Offshore Wind Auction Draws Just $22 Million in Bids

Transocean Starts Merger Talks Seadrill

Current News

ASL to Work on Metocean Data for Offshore Wind Project in Atlantic Canada

RWE Gets Clearance for 100MW Electrolyzer for OW-to-Hydrogen Production

DOF Group Completes Acquisition of Maersk Supply Service

Tyra II Facilities to Operate at Full Technical Capacity Sooner Than Expected

Subscribe for OE Digital E‑News