Liam Denning, Columnist

A Tiny Gas Firm’s Big Lesson on Bosses’ Pay

Comstock Resources exemplifies the skewed incentives in the E&P sector.

June 4, 2018 at 1:07 PM UTC

Liam Denning is a Bloomberg Opinion columnist covering energy. A former banker, he edited the Wall Street Journal’s Heard on the Street column and wrote the Financial Times’s Lex column.

An oil pump jack just outside of Watford City, North Dakota.
Photographer: Bloomberg/Bloomberg

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Imagine you are a director at a small-ish exploration and production company in the middle of an oil-market crash. Would you:

A) Approve spending $1.68 million to buy out the CEO’s and CFO’s minority stakes in a private jet, of which the company owns 80 percent already?