Petroleum Engineer Salary
Petroleum Engineers in the United States see excellent average salaries — about $100K annually. Cash earnings for Petroleum Engineers — which occasionally include more than $41K from bonuses and more than $30K from profit sharing — stretch from around $60K to approximately $194K. This group's pay is mainly influenced by career duration, followed by geography and the particular employer. Most enjoy medical while a strong majority get dental coverage. Vision coverage is also available to the greater part. Most workers in this position report high levels of job satisfaction. This overview is based on answers to PayScale's salary questionnaire.
Job Description for Petroleum Engineer
Petroleum engineers design and oversee the production and methods for retrieving oil and natural gas from various depths beneath the earth's surface. Most petroleum engineers work for oil companies. Others work at universities or research facilities.Read More...
Some of these engineers work in the field and help prospecting teams make recommendations on drilling sites based upon the cost, effort and feasibility of retrieving the product from where it is discovered. When a site is selected, these engineers will test the drilling samples and decide which is the safest method for retrieving the oil or gas. In some cases, oil will be under pressure and will rise to the surface without help from the engineer. In other cases, the oil will have to be pumped to the surface.
Another task of petroleum engineers is to design the drilling, pumping, prospecting, and storage equipment that get the job done. These people often work in research and development facilities or colleges, universities and trade schools.
Other petroleum engineers work at drilling sites. These engineers oversee the building and operation of subterranean drills, oil derricks, and other necessary equipment. Once the well is established, they will look for methods that will improve oil and gas production. If necessary, they will design or modify tools or offer technical advice that will help achieve satisfactory economic progress. Engineers in this aspect of their field will usually spend a lot of time working outdoors. They might even work at sea on drilling platforms or specialized drilling ships.
Petroleum engineers design, maintain and build oil pipelines. They may also be employed by oil storage facilities.
Petroleum Engineer Tasks
- Devise methods to improve oil and gas well production and determine the need for new or modified tool designs.
- Oversee drilling and offer technical advice to achieve economical and satisfactory progress.
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Popular Employer Salaries for Petroleum Engineer
Chevron Corporation, ConocoPhillips Company, EOG Resources, Inc., Halliburton Energy Services, and Occidental Petroleum Corporation are some prominent firms with considerable interest in employing a large team of Petroleum Engineers. Anadarko Petroleum Corp leads the field in terms of pay, with a median salary of $169K. Other leaders in compensation levels are BHP Billiton at $163K, Occidental Petroleum Corporation at $147K, and Chevron Corporation, where Petroleum Engineers annually earn $146K.
Others at the bottom of the scale for this job include ExxonMobil Corporation at $109K, and Halliburton Energy Services where $121K is the norm, but it is worth noting that some Petroleum Engineers there earn up to $171K.
Popular Skills for Petroleum Engineer
Survey results imply that Petroleum Engineers deploy a deep pool of skills on the job. Most notably, skills in Project Management, Petroleum Engineering, Simulation, and Well Production Engineering are correlated to pay that is above average, with boosts between 14 percent and 18 percent. Skills that are correlated to lower pay, on the other hand, include Microsoft Word. Most people experienced in Well Production Engineering also know Drilling Engineering and Oil and Gas Formation Evaluation. Those familiar with Reservoir Engineering also tend to know Oil and Gas Formation Evaluation and Drilling Engineering.
Pay by Experience Level for Petroleum Engineer
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Experience is an important factor influencing the compensation of Petroleum Engineers. Relatively untried employees who have less than five years' experience make $97K, but folks with five to 10 years under their belts enjoy an appreciably larger median of $121K. For Petroleum Engineers, 10 to 20 years of experience on the job amounts to an average salary of $144K. Seasoned veterans with 20 years under their belts enjoy a median income of $179K.
Pay Difference by Location
For Petroleum Engineers, working in the bustling city of New Orleans has its advantages, including an above-average pay rate. Petroleum Engineers can also look forward to large paychecks in cities like Farmington (+30 percent), Bakersfield (+26 percent), Dallas (+25 percent), and Denver (+25 percent). Petroleum Engineers in San Antonio make 28 percent less than the national average, proving that location is a major factor in pay. A couple other locations with smaller-than-average paychecks include Texas City (3 percent lower) and Fort Worth (2 percent lower).
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