Shale slowdown reduces need for landmen
Wednesday, February 24, 2016
The shale industry’s slowdown has reduced the number of landmen needed — and it’s reduced their pay.
Pittsburgh Tribune-Review reports that landmen — individuals who acquire mineral rights from landowners for oil and gas exploration companies — working in Pennsylvania’s Marcellus shale are leaving their jobs and looking for employment in elsewhere in the oil and gas industry or in different fields. Bureau of Labor Statistics data shows that in 2014, landmen made an average of $122,800 a year.
Industry experts add that much of the land has already been leased for drilling, according to the newspaper.
Read more: Pittsburgh Tribune-Review > Landmen exiting jobs in Western Pa. as gas, oil prices drop
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Shale FAQ
How often do royalty payments come?
Depending on the company, royalty payments can arrive monthly or quarterly.
Are my royalty payments transferable?
Yes. If you plan on selling your property, notify the gas company that is leasing your land and your realtor. They will make arrangements to allow the royalty payments to transfer to a different land owner.
What are royalties?
Royalties are payments from the gas company to the landowner as part of a lease agreement. Royalties payments cannot begin until production begins. The payments are dependent upon the market price of the resource.