Thursday, April 25, 2019

Thank You Fed, Thank You MBS: Typical Worker’s Pay Nears $200,000 at Oil Refiner

With Federal Reserve money spigots pretty much on full open and Saudi Arabia Crown Prince Mohammed bin Salaman (MBS) is seeing to it that the Kingdom and OPEC+ are cutting back the oil they supply to the markets (Not to mention the Trump Administration sanctions on Iranian oil), the price of oil is soaring again.

Since the first of the year, it is up more than 38% (see chart above).

This means boom times for oil workers.

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 for hundreds of big U.S. companies as provided by MyLogIQ.

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 11.58% 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%.

Get close to a Fed money spigot and you are going to do really well during a boom time but save as much money as you can it won't last forever.


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