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The national median salary for Petroleum Engineers is $141,274 per year ($67.92/hr) according to the Bureau of Labor Statistics Occupational Employment and Wage Statistics (OEWS) survey, May 2024. The middle 50% of earners make between $107,328 and $191,090 annually. Top earners at the 90th percentile reach $228,800 per year. There are approximately 18,970 petroleum engineers employed in the United States.
About This Role
BLS Standard Occupational Classification 2018
Devise methods to improve oil and gas extraction and production and determine the need for new or modified tool designs. Oversee drilling and offer technical advice.
Career Outlook
BLS Employment Projections · 2024-2034
10-year growth
+1.3%
About as fast as average
Annual openings
1K
per year, on avg
Workforce today
20K
as of 2024
Why those openings exist
2% from new growth98% from people leaving the role
Most openings come from replacement, not growth. Retention matters more than recruiting here.
Typical entry requirements
Education
Bachelor's degree
Experience
None
On-the-job training
None
Industry Wage Breakdown
Top 5 industries by employment · median annual wage, sector-specific
Industry
Workforce
Median Pay
Oil and Gas Extraction
NAICS 211100
6K
$164,960
Support Activities for Mining
NAICS 213100
5K
$125,590
Management of Companies and Enterprises
NAICS 551100
2K
$170,090
Petroleum and Coal Products Manufacturing
NAICS 324100
1K
$159,320
Architectural, Engineering, and Related Services
NAICS 541300
1K
$120,920
Wage range across top 5 industries: $120,920 to $170,090 (41% spread)
Wage Percentiles
Hourly & annualized (2,080 hours)
Percentile
Hourly Rate
Annual Salary
P10
$37.90
$78,832
P25
$51.60
$107,328
P50MEDIAN
$67.92
$141,274
P75
$91.87
$191,090
P90
$110.00
$228,800
Market Context Signal
JOLTS · professional sector
Cooling
Openings Rate
4.2%
Quits Rate
2.0%
Professional & Business Services openings tumbled 318K in March -- the largest single-sector drop in this release. Openings rate fell from 5.5% to 4.2%. Layoffs jumped to 527K (+99K). White-collar demand has cooled abruptly.
Frequently Asked Questions
What is the average petroleum engineers salary?
The national median salary for Petroleum Engineers is $141,274 per year ($67.92/hr) according to BLS OEWS May 2024 data. The middle 50% earn between $107,328 and $191,090 annually.
How much do top-earning petroleum engineers make?
The 90th percentile salary for Petroleum Engineers is $228,800 per year ($110.00/hr). The 75th percentile is $191,090 per year.
What is the entry-level salary for petroleum engineers?
Entry-level Petroleum Engineers (10th percentile) earn approximately $78,832 per year ($37.90/hr). The 25th percentile is $107,328 per year.
Wage figures on this page come from the U.S. Bureau of Labor Statistics (BLS) Occupational Employment & Wage Statistics (OEWS) survey, May 2024 release. OEWS surveys roughly 1.1 million establishments annually. It is the most comprehensive employer-reported wage dataset in the United States.
P10 through P90 percentiles represent the wage distribution across all surveyed employers (not self-reported by workers). Geographic adjustments use BLS-derived cost multipliers calibrated from regional wage variation.
Wages are estimates. Individual compensation depends on experience, education, employer size, industry, and negotiation. Use this as benchmark context, not absolute ground truth.
CompSignal is a free labor market intelligence tool built for HR, compensation, and talent acquisition teams. We make BLS data, the same primary source Mercer and Radford cross-reference in their paid surveys, searchable and actionable without an enterprise subscription.
Built and maintained by Falcon Incentives, a compensation strategy and incentive design consultancy.