Three Things to Consider Before Retiring from Oil, Gas

Three Things to Consider Before Retiring from Oil, Gas
Oil and gas workers need to thoroughly consider several factors before deciding whether or not retirement is right for them.

At some point in every person’s career, they will be met with the decision on whether or not it’s the right time to retire. For many in oil and gas, this decision has come along sooner than expected. Prolonged low oil prices were the cause of many of the oil and gas industry’s challenges the last two years. And with a mass exodus of industry workers – either voluntarily or involuntarily – talks of retirement abound.

Despite market conditions, there’s no across-the-board determination on when the right time to retire is. Each person’s situation is unique. And while the downturn may have some industry workers in uncertain territory, retirement shouldn’t be a rush decision. There are several factors to weigh first before one commits to such an important life decision.

So, before you throw in the towel, check out this video to learn three things you should consider before retiring from oil and gas.

Valerie is an experienced writer and editor dedicated to providing useful and relevant career news about the oil and gas industry. Email Valerie at valerie.jones@rigzone.com

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Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
John | Jan. 9, 2017
We are the first get a kick in the back when your business go bad, layed off like a dog. Now business start to pick up you are worried to get your crews back. Many will not return since there is also a world outside O&G

E MacLeod | Jan. 8, 2017
Totally agree. The new O&G industry will all be consultant based, no obligations to the workers, but beware the same applies in return.

Kenneth Coons | Jan. 7, 2017
I can relate to the fact that most experienced hands didnt go back to the patch. In 1982 the oil and gas jobs were axed. Then in 1992 I was offered employment at just over half of what I was making in 1982. I told them Tasha if they couldnt come up with more money I would not come back! Oil and gas employers dont care about experienced people. They dont care about training new employees either. They better continue their automation of the Patch to be better able to function. I am in the process of retiring.

Brian | Jan. 6, 2017
I have worked the oil field for 30 years and have had no work for over 2 years. I not sure on how the drilling contractors are going to replace their top end drillers and rig managers if it gets at all busy. Most of the laded off hands I know have expired well control and not ready to renew for short term work.

Withheld | Jan. 4, 2017
some of us found work outside the O&G during the downturn and are just as happy, so some will stay put while others will gamble and go back to the patch. The nature of the beast, maybe shareholders need to rethink their strategies during downturns and focus a little more on retention and stop placing the financial burden on the worker - greed will always bite you! You shareholders think you had it tough riding the downturn, just wait until you try and recover the quality work force!!


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