Incentive Plan

HOUSTON — A federal court in Houston approved an incentive package for oil and natural gas company California Resources Corp. in its bankruptcy proceedings. Under the plan, nine of the company’s executives could receive, in a year, up to $57.2 million altogether if they meet certain metrics. 

In July, the company filed for Chapter 11 restructuring to eliminate more than $5 billion in debt and owes millions to Kern County in back taxes.

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