Wednesday, November 6, 2013

Ten Highest Paying Jobs In The Bakken Oil Patch

This list apparently excludes exotic entertainers in some of the local bars. Smile. Some of these entertainers would easily make the top ten list and they do not require a bachelor's degree. A good understanding of IRS rules on income in the form of tips is probably helpful. But I digress.

The list was compiled by The Financial Times, and sent to me be a reader. Thank you.

The list, heavily edited (go to source for full story):
1. Drilling Consultant: $238,697
.... a bachelor’s degree or higher in engineering or a related field and at least five to 10 years experience in the oil field.

2. Directional Driller: $192,799
... one of the highest-paid positions you can get without a college degree, though a bachelor’s degree in engineering or geology can’t hurt. Directional drillers typically work on-site running a rig, ....

3. Foreman or Superintendent: $182,483
Sometimes called a “company man,” this managerial/supervisor position involves overseeing day-to-day operations of a crew, including safety, budget and maintenance, and coordinating with the various contractors that work with the company.

4. Workover or Completion Driller: $151,947
A “workover” or “completion” rig is placed on a hole after it’s been drilled.

5. Reservoir Engineer: $149,611
There are many types of engineers in the oil field. One of the highest paid is a reservoir engineer, which involves estimating oil reserves and performing modeling studies to determine optimal locations and recovery methods. Other high-paid engineering jobs include a drilling engineer (averaging $142,664 a year), petroleum engineer ($126,448 a year) and mud engineer ($109,803 year).

6. Rig Manager: $140,560
Rig managers tend to oversee and manage the crew that’s working on-site. The job could include prepping and managing the budget and making sure targets are met. A bachelor’s degree isn’t usually required, as most rig managers start at the bottom as a rig hand or roustabout and work their way up.

7. Geoscientist or Geologist: $126,575

8. Coil Tubing Specialist: $106,976
Coil tubing refers to the metal piping used in an oil well after it’s been drilled. The tubing needed to pump fracking fluid down a well, among other operations. A coil tubing professional provides technical support and overseas the operation from start to finish, and tends to work as a contractor with many different oil companies. No bachelor’s degree is required.

9. Well Control Specialist or Well Tester: $102,868
Well control specialists or well testers typically travel from site to site, setting up and taking down rigs; inspecting production levels and equipment; and testing flowback quality. No bachelor’s degree required, though strong analytical skills, computer skills and experience with Excel spreadsheets is needed.

10. Stimulation Supervisor: $101,703
These jobs involve the work done to a well to increase production, including the process of hydraulic fracturing, when a mix of chemicals is pumped down the well to create fissures in the rock formation.

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