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


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%.


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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Written by John Howard

John Howard

John Howard is the Business Editor at BusinessPundit.com. He is an avid watcher of markets, a wallflower of retail, and a fan of disruptive businesses that utilize technology and unique ideas to form brilliant new ways of doing business.