Form 4: Schlumberger Executive Gavin Rennick Reports Changes in Beneficial Ownership
SEC Form 4 Filing
Gavin Rennick, President of New Energy at Schlumberger, reports the acquisition and disposal of company stock related to performance share units.
Summary
- On March 1, 2024, Gavin Rennick, President of New Energy at Schlumberger, reported changes in beneficial ownership of Schlumberger stock.
- Rennick acquired 10,505 shares of common stock at $0, related to performance share units (PSUs) granted on January 20, 2021.
- These PSUs vested based on Schlumberger's three-year performance relative to key competitors.
- Also on March 1, 2024, Rennick disposed of 4,134 shares of common stock at $49.26.
- Following these transactions, Rennick directly owns 83,934 shares of Schlumberger common stock.
Sentiment
Score: 6
Explanation: The document primarily reports routine stock transactions related to executive compensation. The vesting of PSUs is a positive sign, but the overall sentiment is neutral.
Positives
- The vesting of performance share units indicates that Schlumberger met certain performance targets relative to its competitors.
Industry Context
Executive stock transactions are common and are often related to compensation packages. The vesting of performance share units suggests that Schlumberger achieved certain performance goals relative to its peers in the energy sector.
Comparison to Industry Standards
- Executive compensation packages often include performance-based equity awards to align management's interests with those of shareholders.
- Vesting criteria based on relative performance against competitors are a common practice in the industry to incentivize outperformance.
- Companies like Halliburton (HAL) and Baker Hughes (BKR) also utilize similar performance-based compensation structures for their executives.
Stakeholder Impact
- The vesting of performance share units could be viewed positively by shareholders as it indicates the company met certain performance targets.
Key Dates
| Date | Description |
|---|---|
| 2021-01-20 | Date of original grant of performance share units (PSUs) |
| 2024-01 | Company's compensation committee met to certify performance under the PSUs |
| 2024-03-01 | Date of stock acquisition and disposal |
| 2024-03-05 | Date of signature on the Form 4 filing |
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