March 31 (Reuters) - Oilfield services provider Superior Energy Services Inc scrapped its quarterly dividend and cut the base salaries of its executives as part of efforts to preserve cash amid a prolonged slump in crude oil prices.
The executives' base salaries have been reduced by 15 percent, effective April 1, the company said in a regulatory filing on Thursday.
The Houston-based company also approved a 15 percent cut in the annual director fees.
I made the same bad decision when I came to work for Noble back in 2008. However, Noble was a much different company then. At that time Noble was a top notch company. Noble has changed for the worst the past three years or so. My goal is to get out also.
Fat chance of this happening at Noble. While the regular employees have taken the brunt of the pain (layoffs, lousy pay raises, lousy bonuses) the executives have taken steps to make sure they get all of their money despite their poor performance and mis-management. Stover just voted himself a 30% pay raise.
My previous company in 2008 did the same thing. Some company's do care about their employees, but Noble doesn't. It was Bad decision to come to work for Noble, now the goal is to get out.