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Page added on February 19, 2016
Oil driller cut 25000 jobs, paid CEO $18 million
2015 was a tough year for oil driller Schlumberger. Unless you were the CEO.
CEO Paal Kibsgaard received total compensation worth $18.3 million in 2015, the company reported, down only slightly from $18.5 million the year before.
The rest of Schlumberger didn’t fare so well. The company cut 25,000 jobs during the year, or 20% of its workforce. Revenue was down 27%, and profit plunged 41%.
Schlumberger(SLB) shares tumbled 18%.
The weak results and layoffs are the result of the plunge in the price of oil.
The modest drop in Kibsgaard’s compensation was the result of the performance of his pension plan. His base salary and stock were up from 2014 levels. The cash he took home jumped 12% to $5.2 million.
Schlumberger is the first major company in the oil industry to report executive pay for 2016.
13 Comments on "Oil driller cut 25000 jobs, paid CEO $18 million"
Plantagenet on Fri, 19th Feb 2016 7:53 pm
SLB isn’t an oil drilling company—its a technical services company.
CHEERS!
Go Speed Racer on Sat, 20th Feb 2016 2:59 am
can I have his job. I get paid $18 Million a year, to kick the teeth out of the ex middle class. and then drive the Bentley past the Hooverville and point and laugh at them. what a country. but seriously, that’s why I gave $27 to Bernie Sanders campaign.
peakyeast on Sat, 20th Feb 2016 3:18 am
GSR: You very well know that you have to be member of one of the families to get jobs like that.
dissident on Sat, 20th Feb 2016 8:14 am
In the fantasy world of the right wing, CEO’s take the most risk and so make the most reward. The real world, CEO’s are nothing but crooks who rake in grotesque salaries whether their companies are failing or not. In the real world, it is the low paid workers and anyone but the CEO who take the consequences of any risks. CEOs do NOT suffer the consequences of their actions. The 1% always wins even of the national economy loses.
sidzepp on Sat, 20th Feb 2016 8:24 am
I am for Bernie, the argument heard from the Trumpeteers and the Cruzers is that he wants to redistribute wealth. My argument is that is what has been happening since the 80’s with the advent of trickle down. Al Bernie wants to do is right the ship, but in the long run does it really matter with the direction that the planet is headed, its probably equivalent to placing a bandage on a person who just had his arm amputated.
ghung on Sat, 20th Feb 2016 8:43 am
sidzepp; Sanders is the only candidate talking about what I consider the two biggest political/economics issues (excepting overall limits to growth, of course): campaign finance and wealth inequality. I’m thinking that isn’t a platform that will get him elected, since the media is owned and controlled by the 1%.
frankthetank on Sat, 20th Feb 2016 8:48 am
He got paid $720 for each man, woman that got shown the door. Not bad! Good for him. More hookers and blow!
sidzepp on Sat, 20th Feb 2016 8:54 am
Agreed ghung. Even if elected congress will still be the puppets of special interest groups. A recent survey has shown the many of the people who support Bernie do not know who their Senators or Congressperson is.
He is also the only one who seems to care about the environment.
Cloud9 on Sat, 20th Feb 2016 9:16 am
The industrial revolution has created billions of specialized laborers and billions of dependents. None of these people possess the skill sets necessary to take them through the collapse of industrialization. Technology will not save us. Robots run on coal and natural gas. The EROEI of renewables is around 3 to 1. The complex system we have built over the last 200 years cannot run on such a low level of surplus energy. Electronic money is meaningless when supply lines break, and there is not a FEMA camp big enough to hold us.
If you live in the burbs, put in a well, arm yourself; get some beans and rice and hide and watch.
paulo1 on Sat, 20th Feb 2016 9:18 am
I can’t believe a multi-national hit squad has not been mobilized aagainst these CEOs and their friendly banksters. Even if they just got beat up and left with nothing would be okay, just like their laid off employees get/got.
Kenz300 on Sat, 20th Feb 2016 9:50 am
The top 1% want it all….. and the RepubliCON party will give it to them………..
What do RepubliCONS believe…….. depends who is paying….. follow the money……. fossil fuels….. NRA………the top 1%
Are RepubliCONS the real EVIL DOERS………..they want to end Social Security, Medicare and access to contraception…….
Go Speed Racer on Sat, 20th Feb 2016 8:51 pm
If I had the job, I woulda got paid at least $3000 for each person I threw out of the company. So that would be $75 Million in a year. This clown that only got $18 Million is such an underachiever compared to what I could do.
markisha on Sun, 21st Feb 2016 7:22 am
This is exactly why are we going to collapse. We deserved it.
GREED GREED GREED
MORE MORE MORE MORE
FAT ASSESS IN 3 TONES OF STEAL ON WHEEL