Mass Layoffs While Executives Make Millions and Companies Go Bankrupt. That’s according to oilprice.com
While West Texas plunged into chaos, some shale founders were apparently cutting fat checks. “On July 7, the board of directors at Texas fracking sand supplier Hi-Crush granted nearly $3 million in bonuses to four top executives, including $1.35 million for CEO and founder Robert Rasmus,” Five days later, the company declared bankruptcy.
Hi-Crush is one of the largest “frac sand” providers in Texas, FRAC OR “FRACKING” is a method that involves blasting sand and water into shale rock to release oil. Hi-Crush is one of more than 50 U.S. companies in the oil and gas industry that have declared bankruptcy and have posted mass layoffs.