Earnings
The median annual salary for petroleum engineers was $135,690 in May 2023, according to the U.S. Department of Labor. The lowest paid 10 percent earned $77,340 or less. The top 10 percent earned $225,920 or more. Fifty percent of petroleum engineers earned between $104,020 and $176,990.
The Society of Petroleum Engineers reports that its professional members who were engineers received an average base salary of $118,996 in 2021, with $27,866 in bonus pay.
Salary rates tend to reflect the economic health of the petroleum industry. When the price of oil is high, salaries can be expected to grow; low oil prices often result in stagnant wages.
Fringe benefits for petroleum engineers are good. Most employers provide health and accident insurance, sick pay, retirement plans, profit-sharing plans, and paid vacations. Education benefits are also competitive.
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