Oil Company Gives Each Employee $100K Bonus
While many of us that work and live in and around the oil patch have seen a reduction in hours, furloughs, cut backs, and even layoffs at least one energy company is bucking the trend. Houston based Hilcorp recently announced that each of its employees would be given a $100,000 bonus. The bonus was offered as part of an incentive by Jeffery Hildebrand the CEO of Hilcorp.
The challenge for employees was to double Hilcorp’s oilfield production rate, net oil and gas reserves, and equity value over five years. According to reports that goal was actually met in the spring of this year. The bonuses were paid out based on time of service over the past five years.
This isn't the first time this privately held oil and gas exploration company has offered and paid out a major incentive to its employees. In 2010 every employee was offered either a $50-thousand dollar automobile or $35-thousand in cash.
The company has receive many accolades for being one of the best places to work in the nation. Fortune Magazine named the company as one of the best places in the country for millennials to work and the company was ranked number 20 in the magazine's list of best places to work.
In case you're wondering, Hilcorp has 1,138 employees. The total in bonuses paid out is over $113 million dollars.