(Bloomberg) Executive paychecks at America’s biggest oilfield-service providers are returning to pre-pandemic levels after a virus-driven market crash triggered management 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 restructuring firm Alvarez & Marsal Inc. and executive-compensation-data provider Equilar Inc. Of that group, 62% have brought management salaries back to pre-pandemic levels.The executive-pay rebound runs counter 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.
While oilfield pay is growing at about 3% month-over-month, the median salary for a roustabout in the Permian Basin of 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 have lost an estimated $8.7 billion in annual wages to Covid-19, according to the Energy Workforce & Technology Council trade group.
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