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According to an SEC filing dated January 15, 2016, the top tier employees at Abraxas Petroleum have voluntarily taken pay cuts in an effort to offset the pressure caused by low oil prices.
The filing stated: "Effective February 1, 2016, the named executive officers of Abraxas will take a voluntary reduction in salary of 20%. Additionally, other employees of Abraxas meeting certain salary thresholds are taking salary reductions ranging from 10% to 20%."
Additionally, the Board of Directors of the company are taking a voluntary reduction in their fees of 20%.
Abraxas is active in multiple U.S. shale plays including the Permian Basin, Eagle Ford, Bakken and Powder River Basin.
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