Canadian oil companies paying out huge lump-sum bonuses

Oil workers receiving bonuses as large as 30 per cent of salary.

While the rest of North America is buckling down in anticipation of a possible recession, oil workers in Calgary are celebrating. The energy sector is experiencing record annual profits and as a result, oil workers are getting huge bonuses — from seven per cent to 30 per cent of salary for top workers.

Many of Calgary’s exploration companies had profits of more than $1-billion in 2000. That is largely thanks to skyrocketing oil and natural gas prices.

According to Canadian Press, one insider said PanCanadian Petroleum is giving out “phenomenal” bonuses; many other smaller companies, particularly gas companies, are also rewarding employees in a big way.

Both the high profit results and the employee bonuses could help to boost Calgary’s economy significantly.

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