The 31-year-old Schultz has no goals and four assists in 60 games this season, his third with the Oilers after spending most of his 13-year career in Minnesota.
Two of the Blue Jackets' top defencemen are sidelined. Fedor Tyutin injured an ankle while playing for Russia in the Olympics and is out for another week or two and prized rookie Ryan Murray (lower body) is day to day.
It was the second big deal of the day for the Blue Jackets, who also dealt forward Marian Gaborik to the Los Angeles Kings for two conditional draft picks.
He's, believe it or not, actually one of my favorite guys, and I've ended up trading him twice. I appreciate what he's done. He was one year away from being an unrestricted free agent, and I felt with this opportunity, that it was a chance that we were able to get somebody for him in Nick Bonino and Adam Clendening.
— Penguins GM Jim Rutherford on forward Brandon Sutter