Form 4: Schlumberger Executive Howard Guild Reports Share Transactions Following PSU Vesting
SEC Form 4 Filing
Chief Accounting Officer Howard Guild reports acquisition and disposal of Schlumberger shares related to the vesting of performance share units (PSUs).
Summary
- Howard Guild, Chief Accounting Officer of Schlumberger, reported transactions involving the company's common stock on March 7, 2025.
- These transactions relate to the vesting of performance share units (PSUs) granted on January 19, 2022.
- The vesting of these PSUs was based on Schlumberger's performance over three years relative to key competitors.
- Initially, 80% of the shares were issued based on preliminary competitor data, with the final share count adjusted after all competitors reported their 2024 audited financial results.
- Guild acquired 2,846 shares and disposed of 1,120 shares at a price of $40.87.
Sentiment
Score: 6
Explanation: The sentiment is neutral as the document primarily reports routine transactions related to executive compensation. There are no explicit positive or negative implications for the company's performance.
Industry Context
This filing reflects standard executive compensation practices within the oilfield services industry, where performance-based equity awards are common to align executive incentives with company performance.
Comparison to Industry Standards
- Companies like Halliburton (HAL) and Baker Hughes (BKR) also utilize performance share units as part of their executive compensation packages.
- The vesting criteria, based on relative performance against peers, is a common practice to ensure executives are rewarded for outperforming the competition.
- The three-year vesting period is also typical for these types of awards.
Stakeholder Impact
- The transactions have a minor impact on shareholders as they involve the transfer of shares related to executive compensation.
- The transactions are part of the executive's compensation package and do not directly impact employees, customers, suppliers, or creditors.
Key Dates
| Date | Description |
|---|---|
| January 19, 2022 | Date the Company granted performance share units ('PSUs') to the reporting person |
| January 2025 | Company's compensation committee met to certify performance under the PSUs |
| March 7, 2025 | Date of the reported transactions (acquisition and disposal of shares) |
| March 11, 2025 | Date of signature for the Form 4 filing |
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