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Key Energy CEO Leads by Example; Takes Pay Cut
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As low oil prices continue to plague the industry, there are a variety of changes being made by companies to weather the storm.
Rather than downsize its workforce or cut operations, Key Energy Services CEO Richard J. Alario has agreed to take a pay cut in an effort to curtail pressures caused by decreased industry activity.
This announcement comes shortly after it was revealed that BP CEO Bob Dudley took a 25 percent pay raise last year, despite the company's profit decline and legal woes. For the fourth quarter of 2014, BP noted that it had to execute billions in asset writedowns.
Numerous other companies have made cuts including office closures and staff reductions:
- Halliburton to Axe Up to Eight Percent of Workforce
- Enable Midstream to Cut 10 Percent of Employees
- Weatherford to Slash 5,000 Jobs; Cites Weak Prices
- Range Resources Closes Midcontinent Office