Petroleum industry professionals reported average compensation of $196,198 in 2018, an increase from this past year but still lower than salaries before the oil price downturn that began in 2014.
This year’s average salary included $149,901 in base pay and $46,297 in other compensation, according to the latest SPE Membership Salary Survey Report. Average compensation in 2017 was $194,649, compared with $185,001 in 2016, $206,020 in 2015, and $214,328 in 2014. The highest salaries this year were found in the US, followed by the South American, Caribbean, and Mexico region (Fig. 1). The lowest compensation was in Northern and Central Asia. Survey responses covered the period of 30 June 2017 to 30 June 2018.
A majority of respondents reported pay increases this year across regions, except for Northern and Central Asia (Fig. 2). More than 70% of US respondents reported pay increases, followed by Oceania, Australia, and New Zealand at 64.5% and Africa at 63.6%.
Mean executive/top management salaries were $369,031, according to the report. The highest executive salaries were in the US ($417,748), while the lowest were in Africa ($108,089).
Salaries also differed sharply by industry sector. Finance/administration personnel reported the highest salaries, followed by reservoir engineers, completions engineers, drilling engineers, and geologists. The lowest salaries were in academia, with a global mean of $87,397.
More women than men reported increases in salary (65.2% to 63.8%), while approximately 31% of both reported no salary change during the year (Fig. 3). The percentage of professionals receiving a car allowance remained unchanged from 2017, at 23.2%.
To Learn More
This summary represents a sample of current compensation in the industry. The 2018 SPE Highlight Report is available here. A detailed full report containing charts and descriptive statistics of trends and more information on the jobs, geographies, and employer types is available for purchase at the SPE Bookstore.