With U.S. Fossils ‘Hurtling Toward Bankruptcy’, Execs Get a Payout While Abandoned Wells Leak Methane
- Aug 27, 2020 9:55 pm GMT
With U.S. fossils “hurtling toward bankruptcy at a pace not seen in years,” companies are already abandoning unprofitable oil and gas wells or leaving them untended, the New York Times reports, producing an immediate, new source of climate-busting methane and a longer-term environmental mess for taxpayers to clean up.
But the companies are still finding millions of dollars for lavish executive compensation packages as they barrel downhill, the Times says.
“It seems outrageous that these executives pay themselves before filing for bankruptcy,” Kathy Hipple, an analyst at the Institute for Energy Economics and Financial Analysis, told reporter Hiroko Tabuchi. “These are the same managers who ran these companies into bankruptcy to begin with.”
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