The 10 Highest Paying Jobs In Oil & Gas
Jobs are booming, just as much as U.S. oil and gas production is.
US
oil production has increased from 11.7 million bpd at the start of 2019 to 12.6
million by the end of October, according to the Energy Information
Administration (EIA). Natural gas production has risen as well, to 99.1 Bcf/d
at the end of October—95 Bcf/d of which is from dry natural gas—up from 91.3
Bcf/d this time last year for total US natural gas production.
Those
gains have translated into more oil and gas industry jobs.
US
Oil and Gas Employment
The
United States Traditional Energy and Energy Efficiency Sectors in 2018 employed
6.7 million Americans in 2018, according to the US Energy and Employment Report
2019, with nearly 1.5 million directly employed by the oil and gas industry,
and another 1.2 million workers employed by the power generation sector, which
includes all types of power generation, including oil and gas.
Employment
in the oil and gas extraction and support services, specifically, was at its
highest level in 2018 since the fall of 2014—the next most recent high.
And
those jobs? None too shabby if you’re interested.
America’s
energy independence push has resulted in a new high for US oil and gas workers.
In fact, the energy and utility sectors have the highest median salary of any
industry in the S&P 500.
Who’s
Who in Energy
If
you’re looking to make some cash in the oil and gas industry, you won’t have to
look far. The oil industry is having a heck of a time recruiting a skilled
workforce, and ExxonMobil, Phillips66, and Anadarko—all Texas based—have been
more than willing to pony up the cash.
ExxonMobil’s
median pay, according to a Wall Street Journal analysis, came in at $171,375.
Phillips66’s median pay was $196,407, according to a Wall Street Journal
survey.
Compared
to America’s overall median wage for advanced degree holders of $77,324, that’s
downright generous. But what oil and gas jobs are the best?
Top
Paying Oil and Gas Jobs
Pay
isn’t everything, but it sure is something. And if you can’t woo employees with
good corporate citizenship or your climate friendliness, you had better pony up
the cash. So what jobs are oil and gas companies sinking the most money into in
its quest to acquire good talent?
The
list of annual salaries below, developed from the Global Talent Energy Index,
is based on employees with six years of experience in the oil and gas industry:
#10
Production Engineer $125,600. Production engineers mostly carry petroleum
engineering degrees and are responsible for designing and selection well
equipment to get it to the production stage post-drilling. They also monitor
the well while it is flowing to make sure the well is efficient and still
commercially viable.
#9
Project Engineer $126,846. Project Engineers ensure that the design,
construction and major maintenance projects are safely completed, and completed
within budget. They review progress reports and proposed construction changes,
as well as monitoring and communication project progress to stakeholders.
#8
HSE Manager $126,874. Health, Safety, and Environmental managers develop
and implement organizational safety programs. They review and keep updated HSE
policies, as well as conduct risk assessments and create precautionary
measures. Requirements include a BA in occupational health, safety management
or environmental science.
#7
Mechanical Engineer $127,828. Mechanical engineers support plant equipment,
and design, develop, install, and maintain equipment that is used for
processing oil and gas, with a focus on safety, reliability, quality, and
sustainability.
#6
Geophysicist $128,965. A geophysicist studies the physical aspects of the
earth in order to determine what lies beneath the surface of the earth.
#5
Drilling Engineer $129,944. This position manages rig staff and is
responsible for assessing and maintaining wells, ensuring safety measures are
implementing, and is generally responsible for the financial and technical
operations of drilling for oil or gas.
#4
Reservoir Engineer $137,156. Reservoir Engineers draw on geology and fluid
mechanics knowledge to find petroleum in underground reservoirs. They also
assess the amount of petroleum reserves underground. Typically they have a
degree in petroleum engineering.
#3
Construction Manager $145,000. CMs are responsible for delivering
construction in compliance with HSE requirements and the schedule. They work
closely with the project manager in leading teams to manage and control
construction projects.
#2
Drilling Supervisor $148,476. Drilling supervisors are in charge of the
drill operations and make sure drilling is completed on time. Unlike most of
the other top jobs in the oil and gas industry, drilling supervisors often do
not need a bachelor’s degree. However, years of experience are usually
required. Some employers prefer degrees in drilling technology or mechanical
engineering.
#1
Project Manager $157,795. The top paying job in the oil and gas industry is
the Project Manager, and it’s no wonder. The PM is tasked with ensuring that an
entire project from start to finish is on track, in budget, to specifications,
and within safety guidelines. The PM also ensures that communication is flowing
between groups. Essentially, the PM is the glue that holds an entire operation
together—and companies are willing to pay for the best.
Top
Paying Petrochemicals Jobs
The
petrochemicals industry doesn’t get as much love as the oil and gas industry,
but it is said to be the oil and gas industry’s future. Like the traditional
oil and gas industry, petrochemicals are a booming business, although the
salaries are not quite as high.
The
top paying job in petrochemicals is that of the Process Engineer, which pays on
average for a six-year veteran $123,400 per year. Quality Assurance Manager
comes in at #2, which pays $122,190 per year. Other top jobs in the
petrochemicals sector are Construction Manager (#3) at $117,856 per year,
Mechanical Engineer (#4) at $111,630, and Chemical Engineer (#5) $98,636.
Top
Paying Jobs in Renewables Sector
The
renewables sector has something the other energy-related jobs don’t: they are
appealing to the millennial generation. And as such, they tend to have an
easier time with talent acquisition of doe-eyed job seekers looking to be
excellent citizens.
And
it’s good that they feel good about their jobs, because on average, they’re
going to make less money.
The
top paying job in the renewables sector is Construction Manager, at $118,730.
The number two slot is held by the HSE Manager at $102,997, followed by
Mechanical Engineer at $92,822.
Top
Paying Jobs in the Nuclear Sector
We
hear a lot about oil and gas here in the United States, but the US is also the
world’s largest producer of nuclear power, according to the World Nuclear
Association, producing more than 30% of the world’s total nuclear generation of
electricity.
About
20% of the United States’ total electrical output comes from nuclear power, and
despite a near 30-year slump for new builds, two new nuclear facilities are now
in the works. In total, the US has 98 functioning nuclear power reactors spread
across 30 states.
But
the nuclear sector may find it difficult to attract new talent. The reputation
the segment has, the technical nature of the work required, and the fact that
the skills needed are specific to just nuclear are all working against the
industry.
But
there are great opportunities here, with the current nuclear workforce over the
age of 55 representing a third of all workers in this sector, leaving the door
open for the next generation—if they are interested.
So
how do jobs in this segment measure up? Somewhere near the bottom of the pile,
it would seem, but salaries are on the rise.
The
top paying job in the nuclear sector is that of the Construction Manager at
$118,565. Coming in second is the Nuclear Engineer, at $108,250 per year, with
Electric Engineer in fourth place at $103,160.
Going
forward, IHS predicts that by 2025, just the unconventional oil and natural gas
value chain and energy-related chemicals activity will support 3.9 million
jobs.
The United States accounted for 98% of all global oil production growth in 2018, and the EIA is expecting crude oil production in the US to reach 13.2 million barrels per day next year. Add to that the fact that the US is expected to retain its spot as the number one oil consumer of the world, US job growth for the oil and gas sector is expected to see more gains going forward.