Texas Oil Executives Net $122 Million in Bankruptcy-to-Exxon Journey
- Sum stems from awards granted after Denbury’s 2020 bankruptcy
- Exxon’s $4.9 billion deal draws attention to compensation plan
About three years after Texas oil producer Denbury Inc. emerged from bankruptcy, four top executives are set to collect the final installment of a $121.5 million post-reorganization pay deal that rivals some of the industry’s most generous compensation packages.
Chief Executive Officer Chris Kendall will receive the final portion of equity awards valued in total at $68.7 million by year end, according to this year’s proxy statement. His three top lieutenants will also split the remainder of their $52.8 million package, just as the company looks to close a $4.9 billion takeover by Exxon Mobil Corp. Kendall’s total is just shy of the value of stock awards Exxon CEO Darren Woods received over the past three years for running a company 100 times Denbury’s size.