• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 7 days Does Toyota Know Something That We Don’t?
  • 14 hours America should go after China but it should be done in a wise way.
  • 6 days World could get rid of Putin and Russia but nobody is bold enough
  • 8 days China is using Chinese Names of Cities on their Border with Russia.
  • 10 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 10 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 10 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 9 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 5 hours How Far Have We Really Gotten With Alternative Energy
  • 10 days Putin and Xi Bet on the Global South
  • 10 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 11 days United States LNG Exports Reach Third Place
  • 11 days Biden's $2 trillion Plan for Insfrastructure and Jobs
China’s EV Growth Set To Explode in 2024

China’s EV Growth Set To Explode in 2024

China leads the global electric…

Carbon Nitride: A Breakthrough in Material Science

Carbon Nitride: A Breakthrough in Material Science

University of Edinburgh scientists have…

Are Worker Bonuses Coming Back To The U.S. Oil Industry?

The price of WTI has recovered 60% to $72.60 from just $45.52 a year ago. And such gains in oil prices could spark a resurgence in oil worker bonuses just in time for the holidays.

In fact, one company, Devon Energy Corp, has already reinstituted worker bonuses.

Devon oil workers—all 1,600 of them below the vice president level—will be getting a bonus in the amount of $10,000 as times have improved, CEO Rick Muncrief told Bloomberg in an interview.

The bonuses were unexpected.

Now, Devon Energy has had a performance better than most in the U.S. oil patch this year, as its shares increased 185% this year.

The news of the sizeable bonus comes as the oil industry faces a talent gap as workers consider migrating to the renewables industry—or leaving the energy industry altogether.

According to a recent survey by recruitment firm Brunel and Oilandgasjobsearch.com, 56% of all oil and gas workers said they would look for employment opportunities in the renewables industry—up from 38.8% last year.

Perhaps even more startling, 43% of all oil and gas workers want out of the energy sector completely within the next five years.

Oil and gas industry workers have endured trying boom-and-bust cycles, and roughly 100.000 oil and gas workers lost their jobs last year during the pandemic.

Oil and gas companies have rehired more than 30,000, but many workers have moved on to other avenues of employment.

Jobs in the oil industry are heavily dependent on oil prices and often are in a state of flux depending on oil policies such as OPEC’s.


Oil and gas companies would do well, then, to spread the wealth to their employees whenever there is wealth in order to retain top talent instead of hemorrhaging workers to other industries.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News