Take classes in related fields, especially the natural sciences and mathematics. In addition, try to obtain internships or summer jobs in the field in some capacity. Most refinery engineers work for major energy companies, so those are great places to seek internships. However, getting experience working with the federal government or its contractors is also smart. Progressing into the maturity phase of the career, employees typically battle with excessive specialization or role-based silos, and companies building skill-interoperability would make a smoother transition toward agility.
In this guide, we primarily focus on the downstream segment of the energy sector’s value chain. For information on the upstream segment, please refer to our guide on Upstream Oil & Gas KPIs. Oil refining companies generate revenue from the difference between how much they pay to buy raw crude oil versus how much they make when selling the finished refined petroleum products. Crack spread is the difference between wholesale petroleum product prices and crude oil prices. This spread fluctuates with the price of oil and with the demand for refined products.
Refineries use alkylation and reforming to create high-octane gasoline since the United States government outlawed lead in vehicle gasoline as part of the U.S. The 3 stages of oil and gas ways to annotate a book include upstream, midstream and downstream. Petroleum engineering is a branch of engineering that deals with the study of techniques and methods to extract petroleum and natural gas.
Based on our analysis, the employees in engineering earn salaries at Tesoro Refining & Marketing Company LLC that are well above average, with yearly earnings averaging $77,821. The employees at EnergySolutions earn an average yearly salary of $75,601 per year, and the salaries at Willbros USA, Inc average $66,465 per year. One area service companies and refiners agree on is creating more pipeline capacity and transport. Refiners want more pipeline to keep down the cost of transporting oil by truck or rail.
So, what does all of this mean for the future of the OG&C industry? Some might argue that this is what cyclicality looks like, and the industry and employment will both pick up as oil prices recover. As a result, there is a global need for workers in the industry. For those with an analytical eye, there are various jobs in oil and gas companies. The function of a commercial analyst includes developing a business plan for development.
In an attempt to diversify this traditionally male-dominated industry, the sector is encouraging more women to pursue careers in science, technology, engineering and maths subjects. According to the OGUK Business Outlook 2021 report, the oil and gas industry spent 23% less during 2020, a drop of £3.4billion, as the global pandemic affected its activities. For example, you could be a chef supporting the workforce on an oil rig, a chemist undertaking research and development, an environmental adviser ensuring that standards are met, or a subsea engineer designing and installing underwater equipment.
The majority of public consumer sales are handled by gas stations, and oil companies sell their petroleum products directly to manufacturing facilities, power plants, and industries involved in transportation. Industrial consumers, electrical service providers, and residential and commercial heating account for nearly equal shares of natural gas sales. This is one of the top paying oil and gas jobs in the entire globe. The professionals in oil refining/marketing who distribute gas to businesses that use them through compressors with a constant pressure are known as gas plant operators.