October, 07 2020, 12:00am EDT
Big Oil Hands Out Bonuses After Trump Admin Bailouts
Over $100m in taxpayer bailouts given to major oil and gas corporations that offered execs stock bonuses.
WASHINGTON
Following new reporting by the Washington Post, Accountable.US exposed over $100 million in bailouts awarded by the Trump administration to oil, gas, and mining corporations which then offered stock options and bonuses to their top executives. The story, based in part on Accountable.US research, highlighted how fossil fuel and extractive resource corporations exploited the Trump administration's poor handling of the Paycheck Protection Program (PPP) to cash in on relief funds intended for mom-and-pop businesses.
Antero Midstream is a pipeline company at the forefront of these bailouts. The company was awarded a $55 million payment from the Treasury Department despite a year of economic turmoil. Days after Antero received its enormous cash bonus, Antero chief executive Paul Rady and president Glen C. Warren Jr. sold $114.8 million of their stock. Even just last month, Rady sold an additional $46.4 million.
"We are in the middle of a pandemic and all Trump is focused on is keeping his partners in corruption happy and wealthy. As workers and small businesses suffered under the weight of this economic crisis, Trump handed out $100 million in bailouts to extractive resource corporations that turned around awarded bonuses to their top executives," said Accountable.US spokesperson Jayson O'Neill. "The Trump administration should be working to get new aid to struggling workers and small businesses across the country -- not further enriching the already wealthy and well-connected."
Here is a look at some of the more egregious bonuses:
- 26 energy companies awarded their execs and directors stock bonuses and options after getting a federal bailout under the Paycheck Protection Program.
- After Natural Gas Services Group received $4.6M under the Paycheck Protection Program, six of its directors and execs were awarded $623,067 worth of stock.
- After getting between a $2-5M bailout under the Paycheck Protection Program, Battalion Oil's directors took home $70,068 worth of stock.
In total, Accountable.US identified nearly $8 million in stock options and bonuses flowed to high level executives and directors of these polluting corporations. Oil and gas companies even appear to be inflating its valuations by buying back their stocks -- while also claiming to not have enough money to properly pay their employees. This despicable mishandling of government funds is likely only the tip of the iceberg.
Click here for a full Accountable.US report on post loan stock options and bonuses.
Accountable.US is a nonpartisan watchdog that exposes corruption in public life and holds government officials and corporate special interests accountable by bringing their influence and misconduct to light. In doing so, we make way for policies that advance the interests of all Americans, not just the rich and powerful.
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