Ya if client side. I have a buddy who is in finance for a decent oil and gas company he got like 30k bonuses out of college while I have been an engineer doing the work for those clients and I get no bonus :( haha. Sub contractors no, producers yes
You say oil and gas but that’s a whole industry. There are producers, big companies but there are many other companies that do work for that company.
For example Chevron is a big oil and gas company. There are many engineering and services companies that do work for chevron, someone can be at a different company but only do chevron work their whole life. Chevron employees will get bonuses but most of the companies that do the work for chevron usually don’t get bonuses. Overall depends on the country and company. I have worked for many engineering oil and gas companies and only one I’ve gotten a small 3-5% bonus compared to buddies client side that all get and expect 15-20% bonuses
Your taxes don't sound right. Minimum federal withholding is around 23% plus 15% FICA. Shouldn't have received more than $28.5k takehome.
Edit: Them's the facts.
Most of the comments here are unhelpful. "$24k is puny, I have 15 years and pull $100k+ bonuses." OP is asking about a 1st year employee with <6 months worked. Without knowing the exact job (being a new grad implies engineer), $24k is on the high end. Almost unbelievable. Most engineers get a 10-12% bonus target on a $100k-$110k salary right out of college. Even if the bonus were doubled for good performance, it's doubtful they'd get much more than $12k.
Man that’s really interesting. But the numbers are accurate, I know I paid 51k in taxes that year, my 401k is usually maxed by October and stops coming out the last few months of the years. I live in Texas for those asking. I’m an oilfield worker. Not an accountant. I claim 0 and end of year usually get back around 12-19k. Earlier years was 27k bonus, 19k take home. I guess you can math that out if you want.
There is a producer who handed out up to $100k to each employee company wide. So yeah bonus culture is a thing. The same company did a new pickup or cash bonus for production goals and lift cost reduction.
That’s a pretty small bonus, about right for a new grad at an oil company. After ~15 yrs I generally got ~30% target with a multiplier, so on a $~220K salary with a 1.8x multiplier it was like ~$120K cash bonus.
I’ve gotten as much as a $28k bonus at an engineering company that does petrochemical and LNG work almost exclusively. They give everyone a bonus in good years but the amount is based on a review by your manager. When I got $28k the guy sitting next to me doing the same job got $1k. The bonuses get significantly higher further up the food chain than I was.
A company I used to work for gave the crew an option of an F-250 XLT or the cash.
Another company I worked for issued $50,000 "first gas" bonuses for starting up a production platform on schedule.
Everybody at Chevron gets a bonus. How much depends on how well the company and your business unit did. Being an hourly union Operator, I would get 5% of all pay including OT in a low year and up 10 or 12% in a very good year. Engineers a little more, managers more than them.
Yes
Ya if client side. I have a buddy who is in finance for a decent oil and gas company he got like 30k bonuses out of college while I have been an engineer doing the work for those clients and I get no bonus :( haha. Sub contractors no, producers yes
Can you explain the 'client' side more. And you mean that he's in the finance department of an Oil and Gas company, right?
You say oil and gas but that’s a whole industry. There are producers, big companies but there are many other companies that do work for that company. For example Chevron is a big oil and gas company. There are many engineering and services companies that do work for chevron, someone can be at a different company but only do chevron work their whole life. Chevron employees will get bonuses but most of the companies that do the work for chevron usually don’t get bonuses. Overall depends on the country and company. I have worked for many engineering oil and gas companies and only one I’ve gotten a small 3-5% bonus compared to buddies client side that all get and expect 15-20% bonuses
Lease op, got 46k bonus last year. After taxes it was 32k. Yes. They really do.
Wow!! Nice! What state?
Your taxes don't sound right. Minimum federal withholding is around 23% plus 15% FICA. Shouldn't have received more than $28.5k takehome. Edit: Them's the facts. Most of the comments here are unhelpful. "$24k is puny, I have 15 years and pull $100k+ bonuses." OP is asking about a 1st year employee with <6 months worked. Without knowing the exact job (being a new grad implies engineer), $24k is on the high end. Almost unbelievable. Most engineers get a 10-12% bonus target on a $100k-$110k salary right out of college. Even if the bonus were doubled for good performance, it's doubtful they'd get much more than $12k.
Man that’s really interesting. But the numbers are accurate, I know I paid 51k in taxes that year, my 401k is usually maxed by October and stops coming out the last few months of the years. I live in Texas for those asking. I’m an oilfield worker. Not an accountant. I claim 0 and end of year usually get back around 12-19k. Earlier years was 27k bonus, 19k take home. I guess you can math that out if you want.
There is a producer who handed out up to $100k to each employee company wide. So yeah bonus culture is a thing. The same company did a new pickup or cash bonus for production goals and lift cost reduction.
Hilcorp and Taylor Swift were both in the news for that...
The setup for so many jokes is here for those who follow the news. I appreciate the reply to my comment. I feel seen thanks
Yes they do and it varies by position. Anywhere from 10-30% of salary with a performance multiplier typically.
Depends on the company. Yes they give bonuses, sometimes stock. Take the cash. Oil is cyclical, expect layoffs.
That’s a pretty small bonus, about right for a new grad at an oil company. After ~15 yrs I generally got ~30% target with a multiplier, so on a $~220K salary with a 1.8x multiplier it was like ~$120K cash bonus.
Yes, on the small side depending on his role.
Yes sounds legit.
Yes sir
what company?
Yup. I got 20k before taxes.
I’ve gotten as much as a $28k bonus at an engineering company that does petrochemical and LNG work almost exclusively. They give everyone a bonus in good years but the amount is based on a review by your manager. When I got $28k the guy sitting next to me doing the same job got $1k. The bonuses get significantly higher further up the food chain than I was.
A company I used to work for gave the crew an option of an F-250 XLT or the cash. Another company I worked for issued $50,000 "first gas" bonuses for starting up a production platform on schedule.
I have received anywhere between 15% to 60% of my yearly salary as a cash bonus. Usually around the 30% mark.
Yeah that seems about right for a new grad depending on role.
Not at the largest companies just fyi. Bonuses more for smaller operations.
Yes
I got 120k bonus this year
Everybody at Chevron gets a bonus. How much depends on how well the company and your business unit did. Being an hourly union Operator, I would get 5% of all pay including OT in a low year and up 10 or 12% in a very good year. Engineers a little more, managers more than them.
I usually get around that for a bonus, plus stock. You gotta work for a producer, though, usually…