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Corporate Greed: Another E&P Awards Execs Cash Bonuses Despite Financial Troubles
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Ultra Petroleum is awarding its top executives cash bonuses amounting to over $1.5 million despite its poor financial performance, according to its recent 8-K filing.
This is the second company to award bonuses to its top executives despite its dire financial position. Last week, Whiting Petroleum's top execs scored nearly $15 million in bonuses just days before the company filed for bankruptcy.
The bonuses (outlined further below) were approved by Ultra's board on March 10, 2020. They were awarded despite the company's poor performance in recent quarters, including:
August 2019: Ultra's stock delisted from NASDAQ exchange due to low share price November 2019: Ultra announced it decided to suspend all D&C activity for 2020 and outlined a meager budget for 2020 ($10-20 million in…- ✓ Full news archive — U.S., Canada & international coverage
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