A tubular running tool includes a mandrel assembly having an upper mandrel, a lower mandrel and a mid-mandrel, wherein the upper mandrel, the lower mandrel and the mid-mandrel rotate in unison; the lower mandrel having a tubular gripping portion; a slip disposed with the tubular gripping portion; the mid-mandrel forming a bore between a top end and a bottom end, the top end forming a slip-joint with the upper mandrel; and an actuator mechanism disposed with the mid-mandrel, the actuator mechanism comprising a compensation actuator and a slip actuator; wherein the compensation actuator functionally connects the upper mandrel and the lower mandrel to affect axial movement of the lower mandrel relative to the upper mandrel and the slip actuator moves the slip into gripping engagement with a tubular.