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+--- Thread: Pay cut (/showthread.php?tid=9083)
Pay cut - sageo - 09-12-2015
Guys - Old news ...sorry I'm so slow . I just saw where the CEO of Abraxas Petroleum took a 20% pay cut "to reflect the lower commodity price enviorment". Seems to me he was concerned about conserving capital until conditions improve .Appears that he is thinking about his workers and stockholders .For some on the board.....please don't get "all shook up".....just an observation . My best to all (very patient) longs. Hagd.
RE: Pay cut - Palm - 09-12-2015
Now there's a leader showing real concern for the company he heads up!
RE: Pay cut - jft310 - 09-12-2015
If Hession in the next two years from the AGM can not get Interoil price per share up in top quartiles he takes a 75 percent cut in pay. Let's not forget this is the way the BOD is dealing with an under performing stock price . That's a big deal .. Is 20 or 75 percent a bigger number ???
RE: Pay cut - Palm - 09-12-2015
Not 2 years, too long to wait. As a leader and recognizing the current market situation he should take a cut before any line of credit is tapped. Burning cash and then borrowing to pay a disproportionate salary would show poor leadership IMO.
RE: Pay cut - sageo - 09-13-2015
'Palm' pid='62706' datel Wrote:Not 2 years, too long to wait. As a leader and recognizing the current market situation he should take a cut before any line of credit is tapped. Burning cash and then borrowing to pay a disproportionate salary would show poor leadership IMO.
Palm - Thanks for your fine response to Jft. A good friend of mine met Robert Watson (Abraxas) several years ago at an O&G confrence. He sings his praises as a leader.
In life, I have found that there is optimism,pessimism and then there is( my favorite) realism . Let's see.....we have spent a good portion of the 400+ million we got from Total . We also have spent a good portion of the 500+ million we received for the refinery.Our cash flow appears to be "nada". Yes,we have a 300 million dollar credit line avaiable , but further borrowing in this energy space is begining to look weaker.[ ...some of our guys on the board are going to yell at me for not being possitive enough,and that's okay,but "it is what it is"] I feel very strongly about our assets,but at the present time,potential buyers (or merger folks) don't want to value them as I do.I know the "D" word is not welcomed,but if we stay independent that might be the final result. A very nice weekend to you and yours.