Petroleum Engineer Salary
Compensation for Petroleum Engineers in the United States is generous, with average pay surpassing six figures annually ($100K). Cash earnings of Petroleum Engineers can occasionally include $41K each in bonuses and profit sharing proceeds; this strong performance component causes pay grades to stretch from approximately $58K to almost $198K. This group's pay is mainly influenced by the particular firm, followed by career duration and geographic location. Medical benefits are awarded to a large number, and a fair number earn dental coverage. Most workers in this position report high levels of job satisfaction. This report is based on responses to the PayScale salary survey.
|Salary||$60,440 - $168,280|
|Bonus||$984 - $40,459|
|Profit Sharing||$29.80 - $31,066|
|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).)
|$60,073 - $195,284|
|Hourly Rate||$14.96 - $84.99|
|Overtime||$15.05 - $124|
|Bonus||$984 - $40,459|
|Profit Sharing||$29.80 - $31,066|
|Total Pay (||$60,073 - $195,284|
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. (Copyright 2018 PayScale.com)
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.
Petroleum Engineer Pay By Employer
Shell Oil Company
Anadarko Petroleum Corp
Halliburton Energy Services
Noble Energy, Inc.
Occidental Petroleum Corporation
Weatherford International, Inc
Baker Hughes Inc
Petroleum Engineer Job Listings
Popular Skills for Petroleum Engineer
Petroleum Engineers seem to wield many skills on the job. Most notably, skills in Project Management, Petroleum Engineering, Simulation, and Engineering Design are correlated to pay that is above average, with boosts between 14 percent and 16 percent. Data Analysis, on the other hand, is typically associated with much lower pay. Most people who know Well Production Engineering also know Drilling Engineering and Oil and Gas Formation Evaluation. For most people, competency in Reservoir Engineering indicates knowledge of Oil and Gas Formation Evaluation and Drilling Engineering.
Pay by Experience Level for Petroleum Engineer
Pay by Experience for a Petroleum Engineer has a positive trend. An entry-level Petroleum Engineer with less than 5 years of experience can expect to earn an average total compensation of $97,000 based on 542 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Petroleum Engineer with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $120,000 based on 201 salaries. An experienced Petroleum Engineer which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $140,000 based on 131 salaries. A Petroleum Engineer with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $177,000 based on 98 salaries.
Pay Difference by Location
Home to some of the best pay for Petroleum Engineers, Farmington offers exceptional salaries, 29 percent above the national average. Petroleum Engineers will also find cushy salaries in Bakersfield (+25 percent), Denver (+23 percent), Los Angeles (+19 percent), and New Orleans (+17 percent). One of the biggest compensable factors for Petroleum Engineers is geography, with workers in Texas City earning a whopping 23 percent below the national average. Employers also pay below the national average in Fort Worth (9 percent lower) and San Antonio (5 percent lower).
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Rated 5 out of 5
based on 128 votes.