The Average Salary of an Oil & Gas Accountant

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Accountants work in almost every industry. All businesses, organizations and governments need to account for their financial transactions. The U.S. oil and gas industry is a major contributor to not only accounting jobs but also to the nation's gross taxable revenue. Oil and gas accountants work for energy, refining, exploration, drilling and production oil companies.

Salary

The average accountant earns an annual salary of $53,430, according to the Bureau of Labor Statistics as of 2010 The average oil and gas accountant earns $68,300 annually. The top 10 percent of oil and gas accountants earn in excess of $108,000 while the bottom 10 percent earns less than $40,000.

Requirements

Accountants are usually required to hold a bachelor’s degree in accounting, finance or a related business field for entry-level opportunities. Oil and gas accountant positions require experience with oil and gas accounting or completion of an oil and gas accounting class. Oil and gas accounting courses are generally offered as electives at many U.S. colleges and universities offering accounting degree programs.

Other Compensation

In addition to a regular salary, oil and gas accountants are often paid secondary forms of compensation. Bonuses are paid to accounting staff for personal or company performance. Deferred compensation is another form of compensation. Stock options are also paid out in some cases to accounting leadership and executive staff.

Salary by Specialty

There are many kinds of oil and gas accountants. Revenue accountants record transactions that relate to production, royalties and oil and gas marketing. The average annual salary of an oil and gas revenue accountant is $75,000, according to Indeed.com as of July 2011. An oil and gas joint-venture accountant earns an average annual salary of $74,000.

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