Occidental Petroleum Cuts Pay for Employees
Occidental Petroleum recently announced that it was cutting pay for staff and executives, according to The Wall Street Journal.
An email sent to all employees at the company stated that US employees will see up to a 30 percent cut in their salaries. This move by Occidental comes as a result of growing turmoil in the industry due to an oil price war and the coronavirus pandemic.
The oil industry has been the hardest hit in 2020. Oil prices lost more than 2/3 of their value at one point after Saudi Arabia and Russia started an oil war. The coronavirus drastically decreased demand as more consumers stay home. Lastly, the company has high debt to manage from an acquisition.
However, Chief Executive Vicki Hollub's salary is taking the biggest hit. Her salary will be cut by 81 percent. Furthermore, other top executives at the company will see decreases in their salary by an average of 68 percent.
Occidental Petroleum recently announced that it was cutting pay for staff and executives.a