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Reservoir Engineer Salary

Salaries for Reservoir Engineers in the United States are generous, with average pay above six figures ($108K) per year. Overall cash earnings for Reservoir Engineers stretch from $86K on the lower end to $212K near the top, and the heftiest packages can encompass around $40K from bonuses and $23K from profit sharing. Earnings for this group are mostly affected by experience level, followed by the company and geographic location. The vast majority (88 percent) of Reservoir Engineers who answered the questionnaire are male. Almost all enjoy medical while a large number get dental coverage. Vision coverage is also available to a fair number. The majority of Reservoir Engineers claim high levels of job satisfaction. The figures in this rundown are based on the results of PayScale's salary questionnaire.
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$80,963 - $178,610
(Median)
$81K
$110K
$180K
MEDIAN: $108,045
10%
50%
90%

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National Salary Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$80K$160K$240K
Salary
$80,963 - $178,610  
   
Bonus
$4,898 - $39,811  
Profit Sharing
$1,923 - $23,154  
Total Pay (?
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).
)
$85,634 - $211,636  
Country: United States | Currency: USD | Updated: 2 May 2015 | Individuals Reporting: 506

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Job Description for Reservoir Engineer

Reservoir engineers are specialists in locating - and helping petroleum companies effectively use - underground reservoirs of fossil fuels. Using geological expertise, knowledge of fluid mechanics, and various forms of technology, the reservoir engineer determines the location of underground fuel reservoirs and their reserve capacities, as well as whether their long-term viability makes them suitable for investment. The reservoir engineer works with geologists to monitor the reserves as fuels are extracted and makes adjustments to extraction processes as geological changes occur with the depletion of the fuel. As easier-to-reach fuel reservoirs are depleted internationally, reservoir engineering increasingly explores new techniques to locate viable drilling spots, and developing and modifying machinery to tap into these spots.

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Reservoir Engineer Tasks

  • Draft economic evaluations for all properties and prospects.
  • Coordinate with field production department on well performance and production optimization.
  • Monitor and maintain reserve and decline estimates in order to maximize production for existing properties.
  • Conduct reservoir engineering studies, such as field studies for primary recovery, material balance, and decline curve analysis.

Reservoir Engineer Job Listings

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Popular Employer Salaries for Reservoir Engineer


British Petroleum (BP), Chevron Corporation, Schlumberger, Occidental Petroleum Corporation, and Shell Oil Company are some prominent firms with considerable interest in employing a large team of Reservoir Engineers. Reservoir Engineers flock to ExxonMobil Corporation for generous paychecks, where average earnings of $205K lead the pack in compensation.

With a reported median salary of only $122K, British Petroleum (BP) easily takes the cake for lowest-paying firm in town; earnings are 68 percent lower than the top payer.

Popular Skills for Reservoir Engineer


Reservoir Engineers report using a diverse set of skills on the job. Most notably, skills in Mergers and Acquisitions, Strategic Planning, Business Development, and Well Production Engineering are correlated to pay that is above average, with boosts between 6 percent and 8 percent. Skills that are correlated to lower pay, on the other hand, include Microsoft Office. Most people familiar with Reservoir Engineering also know Well Production Engineering.

Pay by Experience Level for Reservoir Engineer

Median of all compensation (including tips, bonus, and overtime) by years of experience.


Experience is an important factor influencing the compensation of Reservoir Engineers. Large paychecks, which sit comfortably in the six-figure range, are handed out almost immediately; professionals who have less than five years' experience report earning a median of $106K per year. The average pay reported by folks with 10 to 20 years of experience is around $177K. Reservoir Engineers who have spent more than 20 years on the job report earning a significantly higher median of $243K.

Pay Difference by Location


For Reservoir Engineers, working in the bustling city of Bakersfield has its advantages, including an above-average pay rate. Reservoir Engineers will also find cushy salaries in Dallas (+8 percent) and Houston (+2 percent). Oklahoma City ranks last in the field for pay, reporting salaries 9 percent below the national average.

Related Job Salaries

United States (change)

Experience Affects Reservoir Engineer Salaries




National Average
$121,000


Skills That Affect Reservoir Engineer Salaries

Mergers and Acquisitions
up arrow 8%


Business Development
up arrow 6%

Reservoir Engineering
up arrow 3%

Well Production Engineering
up arrow 3%

Simulation
up arrow 1%

National Average
$121,000

Microsoft Office
up arrow 4%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 85 votes.

Gender

Female
12 %
Male
88 %

Years of Experience

Less than 1 year
9%
1-4 years
38%
5-9 years
26%
10-19 years
16%
20 years or more
11%

Common Health Benefits

medical benefits Medical: 98% dental benefits Dental: 87%
vision benefits Vision: 76% employee benefits None: 2%
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