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Schlumberger CEO Paal Kibsgaard. Image courtesy of Schlumberger.

Schlumberger CEO Paal Kibsgaard reportedly pocketed just over $18 million in compensation last year.

According to CNN, Kibsgaard earned $18.3 million in total compensation in 2015, down from $18.5 million the previous year.

Kibsgaard’s compensation included $5.2 million in cash, up 12 percent from the previous year, but was down slightly overall due to the performance of his pension plan, CNN added.

Late last month, Kibsgaard said Houston-based Schlumberger will reduce its headcount by 10,000 positions as it braces for “extended activity weakness” in the first half of 2016.

The latest round of redundancies brings Schlumberger’s job cut total to 34,000 since November 2014, according to the Financial Times.

The company took $530 million in pretax restructuring charges in the fourth quarter tied to expanding its incentivized leave of absence program and reducing its workforce.

Schlumberger ‘s full year revenues fell to $35.47 billion from $48.58 billion in 2014 while full year pretax operating income declined 38 percent to $6.51 billion.

Fourth quarter revenues slid 39 percent year-over-year to $7.74 billion while the company’s pre-tax operating income dipped 54 percent year-over-year to $1.28 billion in the fourth quarter.

Earlier this month, the European Commission granted unconditional clearance to the proposed $14.8 billion merger between Schlumberger and equipment firm Cameron.

Schlumberger and Cameron expect to close the merger in the first quarter of 2016.

1 COMMENT

  1. There are some fundamental questions that get raised for such massive compensation packages particularly when they occur in years where tens of thousands of a company’s and industry’s employees get termination notices.

    Where are the reflective comments about “like a family” now?

    The argument that capitalists deserve gain has a commensurate downside risk for owners. The argument supporting high reward to senior executives of mega corporations sheltered from owners by boards without owners’ risk is difficult to make.

    One can see reflected in such dialogue how a self proclaimed socialist has gained traction in this election year.

    I’ve no cogent answers to all these questions. In many this piques emotion and clouds attempts at rational exchange. It certainly vexes my spirit.

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