Despite bankruptcy, Whiting Petroleum CEO to get $2.5 million severance pay

(Bloomberg) – Whiting Petroleum Corp. Chief Executive Officer Brad Holly will receive a $2.53 million severance package once he leaves the Bakken oil producer as it emerges from bankruptcy next month.

Holly will be paid a lump sum equivalent to twice his base salary and his 2020 bonus, Whiting said Monday in a regulatory filing. He will also receive healthcare benefits for up to 18 months.

The payout comes on top of a $6.4 million package he received for steering the company through its five-month bankruptcy process. Holly and fellow executives were granted a combined $14.6 million worth of bonuses just days before filing for Chapter 11 on April 1, payouts that were criticized by some corporate governance experts.

Whiting was one of the most high-profile oil and gas victims of the crude price crash caused by the Covid-19 pandemic.