US E&P Executives to See Higher Salaries in 2019
Salaries for E&P executives are expected in increase in 2019.
According to a survey released Nov. 1 by Compensation Advisory Partners based on 27 U.S.-based oilfield services and drilling companies, 76 percent said they expected increases in their executives’ base salaries in 2019.
Sixty-nine percent indicated the increases would be modest – up to 4 percent.
Author Chris Earnest told Rigzone the results are “a signal of improving conditions and outlook, particularly when compared to the voluntary salary reductions most executives took between 2015-2017.”
The survey also found that 94 percent of companies said they will pay executives a bonus for 2018 performance – a figure significantly better than 2016 when more than 40 percent of the sector paid $0.
However, of companies who will pay bonuses, just 18 percent expect to pay above target – a decline from 40 percent in 2017.
“This is a reminder that while the market has and continues to recover, pricing pressures and other conditions still exist for oilfield services and drilling companies that prevent them from fully realizing the improvement,” said Earnest. “However, there is optimism heading into 2019.”
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