Chevron Cuts Pay of CEO And Others Over Rig Accidents

When it comes to the world of oil, Chevron definitely stands out, following the accident in Bayelsa which massively affected oil rigs, underwater oil leaks in Brazil and a blaze in company’s refinery in California, these all happened in 2012. The oil giant have decided to cut bonuses and benefits of its Chief Executive Officer and two other top officials.

A drilling rig, KS Endeavor, which was operated by FODE Drilling Nigeria Limited, was drilling a natural gas exploration well in Chevron Nigeria Limited’s Funiwa Field in Block 86 in Bayelsa State, when it caught fire on January 6, 2012.

The incident forced the company to suspend crude oil production at the nearby North Apoi oil field which produces over 2,000 barrels of crude per day, as a precaution.

The Managing Director of Chevron Nigeria and Mid-Africa Strategic Business Unit, Mr. Andrew Fawthrop declared two missing workers dead, after three days of intensive search and rescue activities.

Following these incidents, the oil giant was said to have reduced the bonus for Chief Executive Officer, Mr. John S. Watson, by 13 per cent. Chevron also cut bonuses by 15 per cent and 16per cent, respectively, for the two executive vice presidents – George L. Kirkland and Michael K. Wirth, according to a filing with the Securities and Exchange Commission.

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