U.S. energy firm compensation squeezed by oil price slump

03/22/1999
About 94% of U.S. energy firms have taken steps to cut their compensation benefits due to the downturn in oil and gas prices (see table). In fact, of the 222 energy firms surveyed Jan. 8 by the Lakewood, Colo.-based consulting firm, Effective Compensation Inc. (ECI), only 13 had not altered their compensation practices for the preceding 6 months. Taking the hardest hits were drilling contractors and exploration and production (E&P) companies, said ECI. Of those surveyed, 62% of the drilling firms and 37% of the E&P companies opted to place a freeze on salary increases. And 90% of the drilling contractors questioned have taken measures to reduce workers' sa...
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