April 25, 2019

BOOM TIMES: Typical Worker’s Pay Nears $200,000 at Oil Refiner.

Oil and gas drillers and refiners had some of the highest-paid median workers in the energy and utility sectors in 2018, according to The Wall Street Journal analysis of annual pay disclosures by hundreds of big U.S. companies.

Houston-based Phillips 66 paid its median worker $196,407, the highest of any company in the sector. Phillips was followed by Anadarko Petroleum Corp. APC +11.60% at $183,445. Oil giant Exxon Mobil, which has roughly 72,600 employees, according to its latest proxy, had the third-highest median worker pay with $171,375.

Phillips 66 and Anadarko both boosted their 2018 median pay by about 15% in 2018 compared with 2017. Exxon raised its median pay about 6%. Oil-and-gas companies typically pay their workers better than many other sectors because they have fewer low-paid retail jobs and must compete in a tight labor market driven in part by the shale-oil boom.

Turns out we can drill our way to lower prices and our way out of wage stagnation.

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