Schlumberger CEO’s compensation falls 4.2 pct in 2009 as company hit by sluggish oil demand

Schlumberger CEO’s pay falls 4.2 percent in 2009

NEW YORK — The chairman and CEO of Schlumberger Ltd., the world’s biggest oilfield services company, saw his total compensation fall 4.2 percent in 2009 from a year earlier, according to an Associated Press analysis of a Securities and Exchange Commission filing.

Andrew Gould’s pay was $13.1 million last year, compared with $13.7 million the year before.

His base salary remained at $2.5 million. Gould’s performance-based cash bonus increased to $1.8 million from about $1.1 million the year before. His perks fell to $181,250 from $437,500 the year before. His perks in 2009 included company contributions to 401(k), profit sharing and benefit plans.

Gould also received stock options valued at nearly $8.7 million on the days they were granted. He received similar awards of $9.6 million in 2008.

The Associated Press formula is designed to isolate the value the company’s board placed on the executive’s total compensation package during the last fiscal year. It includes salary, bonus, performance-related bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.

The calculations don’t include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission, which reflect the size of the accounting charge taken for the executive’s compensation in the previous fiscal year.

Schlumberger struggled last year as the global recession sapped energy demand and discouraged drilling operations around the world. But prices have since rebounded, and Schlumberger said its business will benefit as countries burn more fuel.

In 2009, the company earned $3.13 billion, or $2.59 per share. That compares with earnings of $5.44 billion, or $4.45 per share, in 2008. Revenue fell 16 percent to $22.7 billion.