COVID-19 Insights

The Impact of Recent Pay Actions on Severance Arrangements

Our recent posts have summarized a range of compensation actions across the oil and gas industry that companies have either announced or are considering in response to the current market environment.

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These actions have included pay reductions, work furloughs, and layoffs. Among other matters, companies likely need to evaluate the impact of these actions on severance benefits. Multiple types of arrangements provide for cash and other benefits in the event of…