Less Drilling, Less Experience, Less Money: Average Compensation Drops for Oil and Gas Professionals Working in North America
HOUSTON, April 29, 2013 /PRNewswire/ -- Average compensation for North American-based oil and gas professionals declined four percent year/year to $94,722 on average in 2012, driven by a reduction in drilling activity and a less experienced workforce, according to Rigzone, the leading online resource for oil and gas information, data and talent recruitment.
For those oil and gas professionals most often directly connected to drilling activity by working a rotational schedule, compensation declined more than six percent to $105,390 in 2012 from $112,546 the previous year. That coincides with a slight drop in rigs working in North America over the same time period. Likewise, the oil and gas workforce is getting less experienced. Although those newest to the industry saw compensation rise two percent year/year, their average compensation at $68,467 is about half of those with 20 years or more in the field ($129,192).
"Oil and gas continues to be one of the highest-paying industries for talent, particularly engineering professionals, but also skilled tradesmen and women," said Paul Caplan, President of Rigzone. "It makes a ton of sense in the fourth year of an expansion, companies have reached out and hired less experienced talent to join the field. Those young professionals are attracted by the compensation, challenge and the opportunity to have a global career from day one."
For more information on the global compensation results, visit Rigzone.com.
Offshore Technology Conference 2013
Rigzone is hosting a recruitment event during the Offshore Technology Conference May 6 through May 9, 2013 at the Reliant Center in Houston, TX. Hiring managers from global energy companies will be meeting with oil and gas professionals at Booth 5869 in Hall A.
The Rigzone Compensation Tracker records real-time compensation information from oil and gas professionals on an ongoing basis. From 2010 through 2012, a total of 75,591 oil and gas professionals provided compensation information, with 35,010 working in North America. Cypress Research Group, a statistical consulting firm, performed the analysis of the data.
Rigzone, a Dice Holdings Inc. service, is a leading online resource for the oil and gas industry delivering content, data, advertising and career services. Dedicated to bringing upstream oil and gas news and data, including in-depth information on exploration, drilling and production markets to organizations tackling the energy challenge, its online community of highly-skilled and experienced energy professionals is unmatched. www.rigzone.com
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