Form 4: Schlumberger Executive Gavin Rennick Reports Stock Transactions

Gavin Rennick, President of New Energy at Schlumberger, reported the acquisition and disposal of company stock and restricted stock units on January 17, 2025.

Summary

• Gavin Rennick, President of New Energy at Schlumberger, filed a Form 4 detailing changes in his beneficial ownership of company stock.
• On January 17, 2025, Rennick acquired 42,764 shares of common stock at $0, which were related to performance share units granted on January 19, 2022.
• He also disposed of 17,006 shares at $43.05 per share to cover tax obligations.
• Additionally, 13,951 restricted stock units (RSUs) vested, resulting in the acquisition of 13,951 shares at $0.
• A further 5,490 shares were disposed of at $43.05 per share for tax purposes related to the RSU vesting.
• Following these transactions, Rennick's direct holdings include 80,574 shares of common stock.

Sentiment

Score: 7

Explanation: The document reflects standard executive compensation practices and required disclosures, indicating a neutral to slightly positive sentiment as it shows the executive's alignment with the company's performance.

Industry Context

This filing is a routine disclosure of stock transactions by a company executive, which is common practice in publicly traded companies. It provides transparency into the executive's holdings and compensation.

Comparison to Industry Standards

• The vesting of performance share units and restricted stock units is a standard practice in executive compensation packages across the oil and gas industry, including companies like Halliburton (HAL) and Baker Hughes (BKR).
• The tax-related disposals are also a common occurrence when equity awards vest, as executives often need to cover the tax liabilities associated with the vesting.
• The reporting of these transactions via SEC Form 4 is a standard regulatory requirement for company insiders.

Stakeholder Impact

• The transactions have a minor impact on shareholders as they reflect routine executive compensation and do not indicate any significant change in the company's financial health or operations.
• The transactions are part of the executive's compensation package, which is a standard practice in the industry.

Key Dates

Keywords

Schlumberger, SLB, Gavin Rennick, Form 4, Stock Transactions, Restricted Stock Units, Beneficial Ownership, Executive Compensation