In 2014, Pearson Partners International analyzed the education and experience of hundreds of CEOs in the domestic and international oil and gas industry. As the CEO of Vista Sand might say, there isn’t one path to becoming a CEO in the oil and gas industry. Vista Sand is a silica sand supplier for oil and gas companies in Texas and elsewhere in the South.
The results of the study reaffirmed this idea. According to the analysis, the medium tenure for CEOs of oil and gas companies was 4.5 years. Most of the oil and gas companies analyzed did not have the same CEOs in place for more than 15 years. In fact, 14% of companies had hired a new CEO within the past year.
In addition to that, the average age of CEOs in the oil and gas industry was 58 in larger companies and 54 in smaller companies. In total, CEOs reported that the median age of when they were hired was 50. Finally, an interesting note from the analysis was that larger companies tended to promote their CEOs from within than smaller companies. Smaller oil and gas companies were more likely to recruit their CEOs from other companies.
So, in a nutshell, oil and gas companies do replace their CEOs relatively often, and they often choose people who either worked within the company or have significant experience in the industry and have shown success. There is no specific degree to becoming a CEO, but most CEOs will have some sort of a college degree, and many will have advanced degrees from an accredited business school.
However, the most important traits every CEO will have are the ability to lead, work hard, and treat employees with respect.