Employees at a Houston oil company won’t be getting any lumps of coal in their stockings this year.
Instead, their oil baron boss is giving them a cool $100,000.
Jeffery Hildebrand, owner of Hilcorp, got his employees exactly that for Christmas this year. Forbes reports Hildebrand paid each of his approximately 1,400 employees the six-figure sum as a Christmas bonus, putting the billionaire out about $100 million.
While that’s an expensive gift, Hildebrand can afford it. Forbes lists his net worth at $5.9 billion.
According to Forbes, Hildebrand has a tradition of handing out lavish gifts on Christmas. In 2010, Hildebrand allowed every employee to pick between receiving $35,000 in cash or a $50,000 voucher toward a new car because the company had doubled its production that year.
Despite the downturn in the oil market this year, Hilcorp once again doubled its production so it Hildebrand felt it was time to double up on his bonuses.
Hilcorp is the largest privately owned oil company in the United States.
