Oilfield pay returns to pre-pandemic levels: report

Bloomberg - - Executive compensations at America's biggest oilfield service providers are returning to pre-pandemic levels after a virus-driven market crash triggered manager salary cuts.

Last year, 70% of the hired hands of the oil industry slashed base salaries for executives, according to a report released Wednesday by the restructuring firm Alvarez Marsal Inc. and executive compensation data providers Equilar Inc. Of that group, 62% brought management salaries back to pre-pandemic levels.

The performance of executive-pay is contrary to what's happening with blue-collar oil workers who have yet to see salaries return to levels before Covid - 19 sapped energy demand and led to thousands of layoffs.

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While oilfield pay is growing at about 3% month over month, the median salary for a roustabout in West Texas and New Mexico remains roughly 10% below pre-Covid levels, according to energy data and consulting firm Enverus.

U.S oilfield service workers lost an estimated $8.7 billion in annual wages to Covid - 19, according to the Energy Workforce Technology Council trade group.