A method and apparatus for processing neutron log data having the steps of a) deriving from the near-spaced neutron count of a neutron logging tool an approximate, unfiltered, lithology-related characteristic of a formation; b) deriving a correction that is essentially independent of the lithology; c) long filtering the correction; and d) adding the resulting, long-filtered correction to the approximate, unfiltered characteristic resulting from step a. in order to derive a compensated characteristic. The method provides statistically good, compensated logs while permitting the use of low activity neutron sources.