Oil and Gas Compensation Declines for Second Year in a Row in North America Industry Newcomers see Compensation Rise
HOUSTON, Feb. 18, 2014 /PRNewswire/ -- Average compensation for oil and gas professionals in North America dipped last year, according to Rigzone, the leading online resource for oil and gas information, data and talent recruitment. Overall average compensation for North American oil and gas pros fell about three percent to $92,160 in 2013 from $94,722 in 2012. That represents a slightly larger decline than global figures where average compensation fell two percent to $95,820.
The professionals early in their career – those with less than a year and those with between two and five years – were the only groups to see average compensation rise for the year. Each group of oil and gas professionals saw compensation increase by about two percent year-over-year to $69,822 for those with less than a year of experience and $78,769 for those with two to five years of experience.
"While pay is leveling off, it's worth noting that oil and gas workers in North America at current rates are earning more than double the national average salary in the United States," said Paul Caplan, President of Rigzone. "The industry is growing and for now it appears oil and gas companies are aggressively pursuing the next generation of professionals."
While only 14 percent of professionals reported decreases in their own individual compensation in 2013, fewer oil and gas professionals saw increases - 60 percent in 2013, as compared to 63 percent of professionals the prior year – and more (26%) reported stable compensation. In particular, rotational workers, on average, earned six figures in 2013 or $101,015, but that was down four percent from the prior year's average.
Oil and gas professionals with higher than average increases in compensation in North America were marine engineers, accounting and finance professionals, drilling consultants, electricians, field service techs, and operations managers.
"Hiring managers indicated a broad spectrum of engineering professionals, as well as finance and accounting professionals were a recruiting priority for their companies and it's clear this is playing out in paychecks," said Caplan.
When comparing compensation by citizenship, Canadian oil and gas professionals experienced much steeper declines in their pay than their colleagues to the south. Average compensation for Canadian oil and gas professionals declined eight percent from 2012 to 2013 to $113,911, as compared with a decline of two percent to $89,961 for their American counterparts.
The Rigzone Compensation Tracker records real-time compensation information from oil and gas professionals on an ongoing basis. From 2012 through 2013, a total of 20,851 oil and gas professionals provided compensation information, with 9,812 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
Jennifer Bewley and Rachel Ceccarelli