Pittsburgh acquired Schultz from Edmonton for a 2016 third-round pick, the Penguins announced Saturday. The Oilers will be retaining 50 percent of Schultz's salary, bringing his cap charge in Pittsburgh to $1.95 million.
Schultz, who will be a restricted free agent after this season, is in the final year of a contract that carries an average annual value of $3.9 million.
Schultz, who joined the Oilers as a college free agent, never quite lived up to the high expectations that accompanied his arrival in Edmonton after he failed to reach a contract with the Ducks.
As a rookie in the 2012-13 season, Schultz had 27 points in 48 games and finished seventh in the Calder voting. It ended up being his best season in Edmonton.
While Edmonton cycled through head coaches, Schultz's game stagnated, and he became expendable at the deadline.
Schultz, 25, has just 10 points in 45 games this season and was a minus-22 for the Oilers.