Schlumberger CEO's Pay Rose 10.2 Percent In 2010

HOUSTON (AP) - The chairman and CEO of Schlumberger Ltd., the world's biggest oilfield-services company, received compensation valued at nearly $14.5 million in 2010, a 10.2 percent increase from the year before, according to an Associated Press analysis of a company regulatory filing.

Andrew Gould's salary was unchanged at $2.5 million, but his performance-based cash bonus jumped 57 percent to $2.8 million from less than $1.8 million in 2009.

Gould also got stock and option awards in 2010 that were valued at $8.9 million on the date they were granted, a slight increase from 2009 awards that were valued at nearly $8.7 million, according to the filing with the Securities and Exchange Commission.

Gould's perks rose to $214,375 from $181,250 the year before. Most were company contributions to benefit, retirement and profit-sharing plans.

The Associated Press calculations on executive pay are 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 SEC.

Schlumberger enjoyed a bounce-back year in 2010, as rising oil prices stimulated drilling activity and created work for oilfield-services outfits, which manage drilling sites around the globe.

Houston-based Schlumberger earned $4.27 billion, or $3.38 per share, last year, compared with $3.13 billion, or $2.59 per share, in 2009.

Schlumberger shares rose 28 percent during 2010 and have gained another 7 percent this year, through the end of trading on Tuesday.