People | Corporate Greed
Corporate Greed: Chaparral Energy Awards Execs Millions in Bonuses
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In an amended 10-K filing submitted this week, debt-laden Chaparral Energy disclosed that it is awarding company executives $2.1 million in retention bonuses.
Chaparral joins several other E&Ps (including Whiting and Ultra Petroleum) who awarded their top execs bonuses despite poor overall financial health of their companies.
The distribution of the bonuses were awarded as follows:
The company stock is trading at $.029 (as of 4/28/2020) and, on March 27, Reuters reported that the company had hired financial advisors to help with the company's debt.
As most of you might remember, Chaparral once filed bankruptcy back in the last downturn (2016) and emerged in March 2017. The company's net debt as of 12/31/2019 was $401 million, up from $270 million in…
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