Oil and Gas industry jobs

Oil and gas jobs' pay is still big, but not booming
March 3, 2015 – 05:59 pm

RJ Sangost | The Denver Post | Getty Images

Pay packages for exploration and production workers are still big by most measures, but they are no longer booming, according to a new report. After steadily rising on the back of America's shale oil and gas revolution, wage growth has slowed considerably in the face of a year-long commodity collapse.

Base salaries were up 1 percent across the board for engineering, geosciences and land skill jobs, Dallas-based search and staffing agency CSI Recruiting concluded in its 2015 E&P Salary Report. Last year, base salaries rose 5 percent.

Read MoreOil patch job market still reeling from oil bust

And keeping pay and bonus percentages constant has been made possible only through cost-saving layoffs. U.S.-based energy firms announced 60, 500 job cuts in the first six months of 2015, compared with fewer than 4, 000 in the same period last year, according to job placement firm Challenger, Gray & Christmas.

But CSI President Jeff Bush said employers should be credited with staving off compensation and benefit reductions.

"The industry has done a yeoman's job taking care of its own. They have not reduced benefits. They have not reduced bonus percentages or paid time off, " he told CNBC. "We're not seeing a ton of flight from stable companies that have taken care of their people because of that."

The report is based on surveys of more than 2, 700 full-time, salaried professionals working in the United States for exploration and production companies.

CSI found that annual cash bonuses as a percentage of base salary remained stable, but the agency warned that bonuses are the most disposable part of any compensation package.

"In heady times, we hear time and again how these bonuses are 'practically guaranteed' and become a sticking point in negotiations as such. Today, the 'practically' part seems to rule the day, and not surprisingly, " the firm noted.

Read MoreHow Texas has dealt with oil's decline: Governor

A growing number of independent drillers are also becoming more stringent when it comes to giving employees stock, or eliminating the benefit for new hires, CSI found.

Source: www.cnbc.com
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Where can one apply for oil and gas industry jobs in Alberta?

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