Petroleum Engineer with Reservoir Engineering Skills Salary
Petroleum Engineers with Reservoir Engineering skills can expect to earn a very comfortable salary, with average salaries (in the ballpark of $103K) surpassing six figures annually. Total incomes of Petroleum Engineers with Reservoir Engineering skills incorporate potential for, in a few cases, more than $38K from bonuses and close to $76K from profit sharing; these performance components cause packages to range between $66K and $216K. The most important factor affecting compensation for this group is experience level, followed by the particular city and the specific company. Most Petroleum Engineers with Reservoir Engineering skills are fairly content with their jobs, and work satisfaction falls in line with the national average. Medical benefits are awarded to a large number, and a majority earn dental coverage. This overview is based on answers to PayScale's salary questionnaire.
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Popular Employer Salaries for Petroleum Engineer
Bringing up the rear, British Petroleum (BP)'s median pay of $105K is the lowest in town; however, employee salaries widely range, with some making up to $163K.
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 with Reservoir Engineering skills. Individuals with less than five years' experience take home around $100K. In contrast, though, people who have been on the job for five to 10 years report a six-figure median of $122K. Petroleum Engineers with Reservoir Engineering skills claiming one to two decades of experience make an estimated median of $163K. Individuals who report more than two decades of experience seem to make only slightly more than folks in the 10-to-20 year range; the more senior group sees median earnings in the comparatively modest ballpark of $199K.
Pay Difference by Location
Dallas is home to an above-average pay rate for Petroleum Engineers with Reservoir Engineering skills, 25 percent higher than the national average. Petroleum Engineers with Reservoir Engineering skills will also find cushy salaries in Bakersfield (+24 percent), Houston (+21 percent), Denver (+12 percent), and Midland (+9 percent). Falling short of the national average by 19 percent, the area with the worst salaries is Tulsa.