Tid Bits / Precision Drilling
Precision head's pay rose 70%
By PATRICK BRETHOUR - Globe & Mail
CALGARY -- The head of Precision Drilling Corp. received a 70-per-cent pay hike in 2001 as Canada's biggest drilling company racked up a record year for revenue and profit.
Despite the slump in oil and gas prices in the second half of the year, Calgary-based Precision made more money than at any time in the past.
So did Hank Swartout, Precision's chairman, president and chief executive officer, whose total pay jumped to $10.7-million last year, from $6.3-million in 2000. Most of his compensation came from exercising stock options: $8-million worth in 2001, compared with $3.9-million the year before. But Mr. Swartout also saw a substantial increase in his salary and bonus. His salary rose 38 per cent to $550,000 last year from $400,000 in 2000. His bonus, meanwhile, hit $2.2-million in 2001, up from $1.95-million the year before. Other compensation fell to $20,822 from $28,650 in 2000. |
