Thread regarding Whiting Petroleum Corp. layoffs

Dopey (soon to be former) CEO Gets $2.5 million bonus on top of $6.4 million pay package.

Whiting Petroleum Corp. CEO (redacted) will receive a $2.53 million severance package once he leaves the Bakken oil producer as it emerges from bankruptcy next month.

(Redacted) will be paid a lump sum equivalent to twice his base salary and his 2020 bonus. He will also receive healthcare benefits for up to 18 months.

The payout comes on top of a $6.4 million package he received for steering the company through its five-month bankruptcy process. The failed CEO and fellow executives were granted a combined $14.6 million worth of bonuses just days before filing for Chapter 11 on April 1, payouts that were criticized by some corporate governance experts.

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Post ID: @OP+16uAMRMQ

10 replies (most recent on top)

"I clock in , I clock out. Just keep giving me my insurance and I am good. Don’t care about anything else." - Post ID: @2uoi+16uAMRMQ

You might want to start caring. There is precious little available for jobs in Denver O&G right now. The ones that are out there aren't going to supplement your insurance and 401K the way you've become accustomed.

I know because Whiting sh*t canned me and while I've managed to stay in O&G it's a very different landscape out there right now.

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Post ID: @3iah+16uAMRMQ

How can you keep it running when so many people don’t give a c-ap and are just there to collect a paycheck and s— up the benefits. I know for a fact that’s what is happening. They could care less if it burns down or is owned by Elmer Fudd. I clock in , I clock out. Just keep giving me my insurance and I am good. Don’t care about anything else.

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Post ID: @2uoi+16uAMRMQ

That pos ruined APC in the Rockies and moved on to destroy yet another company and gets rewarded for his efforts. One of the most bile person I’ve ever met. There’s a sick and twisted cycle of corruption in our industry that just gets rewarded.

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Post ID: @2esr+16uAMRMQ

Whatever the case may be I feel for the ones waiting it out, at least some of them. Others I could give a monkeys but about, just like they did with us. We all know there will be cuts without a doubt. As we all have moved on we see how LEAN others operate. How many operators it doesn’t take to run a field, how many staff to run crews. They can’t emerge from bankruptcy and continue to run on low funds and low production/ profits with high turn key operations costs. I bet the low cost insurance will be a thing of the past along with all the other cushy benefits.

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Post ID: @1aoi+16uAMRMQ

"I'm not convinced that Peterson will cut jobs." - Post ID: @1vjx+16uAMRMQ

I'll take that bet - Whether it's through a merger or direct cuts there will be more blood in the water. Even with the layoffs they have done to this point Whiting is over staffed and over payed.

Creditors are going to own 97% of the company so it might not even be up to Peterson.

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Post ID: @1tba+16uAMRMQ

I think they end up paying him a ton, just because they have that 'if you scratch my back, I'll scratch yours' mentality. If they give Brad $$$ he gives them $$ in return.
They're living like King Louis the XV. They know the fall is inevitable and so they all spend a ton. They play the fiddle while Rome burns.

It is sad, what they are doing. Should be watching out for the little guy, not partying it up.

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Post ID: @1uly+16uAMRMQ

I'm not convinced that Peterson will cut jobs.

Holly was brought in to play an undertaker role. Whiting was known to be failing, and the only person they could find willing to put the stain on themselves, was a failed former Anadarko exec with a slimy past.

Peterson has a good reputation. Will likely push the company towards aa merger, as he has in the past. May just wait until the merger to lay off.

Or Whiting may just lay off again soon, with falling production, and $40 oil, things aren't going to be the same.

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Post ID: @1vjx+16uAMRMQ

That’s for sure someone has to pay for his severance package. I wonder what he’s holding above their heads why they keep giving him so much money.

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Post ID: @1pnm+16uAMRMQ

Remaining Whiting employees better buckle up. Cost cutting is always first on the list for a new CEO and guess what their number one go to is for cost cutting? Head count reduction. Happened to me when Holly took over. Good luck - You're gonna need it.

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Post ID: @1yus+16uAMRMQ

https://www.bloomberg.com/news/articles/2020-08-17/whiting-petroleum-ceo-holly-to-get-2-5-million-severance-pay

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Post ID: @iie+16uAMRMQ

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