This is the most disgusting appeal to greed that I’ve seen yet from the natural gas industry. In this letter, Range Resources asks their royalty owners to make a choice:
Do not be fooled! It is NOT your royalties that are at stake here. It’s the outrageous compensation of natural gas CEO’s that worries them when the necessary regulations are passed.
The chairman and chief executive of independent oil and gas company Range Resources Corp. received compensation valued at $7.4 million in 2008, a 23 percent increase from the previous year, according to an Associated Press analysis of data filed with regulators Monday.
The Fort Worth, Texas-based company paid John H. Pinkerton $557,500 in base salary, up 11 percent from the previous year, and a performance-based cash bonus of $945,000, about flat with his 2007 payout.
Range Resources also awarded Pinkerton $131,014 in perks, including $27,484 for a personal secretary, $29,257 in disability insurance premiums and $4,443 for his spouse’s travel.
But the bulk of his compensation came in the form of stock- and option-based awards valued at $5.7 million when they were granted in 2008, up 29 percent from similar awards granted during the previous year.
Almost no one in DISH, TX owns the mineral royalties to their land. As a mineral owner, I believe it is immoral for one person to profit at another’s misery. Responsible royalty owners will make sure the surface owners’ interests are protected. Responsible royalty owners will fight for better industry regulations to protect air, water and land for everyone.
Here is a realistic appeal to any royalty owners who only respond to greed: There are many more surface owners than royalty owners and the surface owners may rise up one day.