Oil company fires 25,000 employees and pays CEO $18.3 million

Schlumberger

Oil company Schlumberger had a rough 2015.

The company was forced to cut 25,000 jobs as the price of oil collapsed. Despite those declines CEO Paal Kibsgaard received total compensation worth $18.3 million in 2015 — down only slightly from $18.5 million the year before.

The company was forced to cut 20% of its workforce and revenue fell by 27%, and profit plunged 41%.

Schlumberger shares also tumbled 18%.

Schlumberger

The small drop in Kibsgaard’s compensation was the result of the performance of his pension plan.

His base salary and stock increased from 2014 levels. The CEO’s cash take home was up 12% to $5.2 million.

Schlumberger is the first major oil company to report earnings in 2016.

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