Whiting Bosses Got $14.6 Million Bonuses Before Bankruptcy
By Kevin Crowley
and Anders Melin
April 2, 2020, 7:10 AM GMT+13 Updated on April 2, 2020, 10:52 AM GMT+13
Board approved payouts as part of compensation program revamp
Crude collapse left many shale drillers unable to repay debts
Whiting Petroleum Corp.’s board approved $14.6 million in cash bonuses for top executives days before the shale oil producer filed for bankruptcy.
Chief Executive Officer Brad Holly will collect $6.4 million of the total, which will be “paid immediately,” the company said in a filing Wednesday. Four other executives including Chief Financial Officer Correne Loeffler will get the rest.
