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Oil and Gas Salaries Continue To Head Upward

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Petroleum industry professionals reported average compensation of $196,198 in 2018, an increase from this past year but still lower than salaries before the oil price downturn that began in 2014.  

This year’s average salary included $149,901 in base pay and $46,297 in other compensation, according to the latest SPE Membership Salary Survey Report. Average compensation in 2017 was $194,649, compared with $185,001 in 2016, $206,020 in 2015, and $214,328 in 2014. The highest salaries this year were found in the US, followed by the South American, Caribbean, and Mexico region (Fig. 1). The lowest compensation was in Northern and Central Asia. Survey responses covered the period of 30 June 2017 to 30 June 2018.

Fig. 1—Base pay and other compensation by work region.

 

A majority of respondents reported pay increases this year across regions, except for Northern and Central Asia (Fig. 2). More than 70% of US respondents reported pay increases, followed by Oceania, Australia, and New Zealand at 64.5% and Africa at 63.6%.

Fig. 2—Average base pay change by region.

 

Mean executive/top management salaries were $369,031, according to the report. The highest executive salaries were in the US ($417,748), while the lowest were in Africa ($108,089).

Salaries also differed sharply by industry sector. Finance/administration personnel reported the highest salaries, followed by reservoir engineers, completions engineers, drilling engineers, and geologists. The lowest salaries were in academia, with a global mean of $87,397.

More women than men reported increases in salary (65.2% to 63.8%), while approximately 31% of both reported no salary change during the year (Fig. 3). The percentage of professionals receiving a car allowance remained unchanged from 2017, at 23.2%.

Fig. 3—Change since July 2017 by gender.

To Learn More

This summary represents a sample of current compensation in the industry. The free 2018 SPE Highlight Report and a detailed report available for purchase containing charts and descriptive statistics of trends will be available in December 2018.

Oil and Gas Salaries Continue To Head Upward

01 November 2018

Volume: 70 | Issue: 11

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