Hilcorp Energy owner treats employees to six-figure bonus
Saturday, December 19, 2015
When oil and gas production doubles at Hilcorp Energy, generous bonuses are handed out, even when there’s a downturn in the industry and prices are low.
According to Forbes, Hilcorp owner Jeffrey Hildebrand gave each of his 1,400 employees up to a $100,000 bonus (give or take, depending on how long the employee has worked for the company over the past five years). In 2010, Hilcorp doubled production and employees were given either $35,000 or $50,000 to put toward a new vehicle. This year, the company doubled production again.
The newspaper states that Hildebrand uses the bonuses as motivation for his employees, not for attention.
Via: Forbes > What Oil Bust> Texas Billionaire Gives Each Worker A $100,000 Bonus
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What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.