Houston energy company gives out $100,000 bonuses to all employees
Nov 9, 2015, 9:12pm CST
Olivia Pulsinelli, Senior web editor, Houston Business Journal
As several energy companies cut bonuses — and even jobs — amid the oil slump, one has rewarded employees with a hefty payout.
Houston-based Hilcorp Energy Co., a privately held oil and gas exploration and production company, gave every employee a bonus of $100,000 for making the company’s five-year goals earlier this year, the Houston Chronicle and Fortune magazine report.
The goals — to double Hilcorp’s oilfield production rate, net oil and gas reserves, and equity value over five years — had to be met by the end of 2015, but Hilcorp hit them in the spring, according to the Chronicle. The $100,000 was prorated based on time of service over the past five years, but employees of all job levels and titles were eligible for the bonus, the Chronicle reports.
Back in 2010, every employee received a $50,000 car or $35,000 in cash for reaching the previous five-year goals, according to Fortune, which named the company one of the "Best Workplaces for Diversity" for 2015. Over the summer, Fortune named Hilcorp one of the "Best Workplaces for Millennials," and the company ranked No. 20 on Fortune's overall "Best Companies to Work For" list.
Hilcorp has about 1,400 employees, including 439 in Houston, according to the reports. The company is building a roughly 500,000-square-foot tower at 1111 Travis that will serve as its headquarters. However, CEO and billionaire Jeffrey Hildebrand has been tight-lipped about the project, which is on the site of the former downtown Macy's that was imploded in September 2013 to make way for the new building.
Hilcorp isn't the only energy company doling out noteworthy bonuses lately. Paragon Offshore PLC (NYSE: PGN) offered some of its top executives an extra year's worth of salary to stay with the company for at least a year.