Moving from company to contracting, need tips

When you say you are beginning as a contractor, do you mean as a 1099 contractor, or, working for a contract company as opposed to directly for the oil company (so you are still an employee, but just without any benefits)?

I've done this several times since '08. The biggest thing to take care of up front is understanding the costs so you can negotiate the appropriate rate. Benefits, taxes, expenses - personally, I prefer an all-inclusive rate instead of billing back for expenses. But for this to work you really need to accurately estimate travel and the costs. But it's pretty easy to make a profit on travel expenses with an all-inclusive rate if you aren't too particular - i'm fine staying at a Motel 6 insread of Embassy Suites. And if you'll be on the road for extended periods, you can negotiate almost half off the room cost, just go to the manager and say you'll pre-pay for 30 room nights and it's surprising what they'll do. If no travel, it's pretty sttaight forward, just benefits and tax implications.