Most major O&G companies have both a company managed pension and employee 401k. Its sauce for the goose. The O&G is highly competitive so they use these tools to attract and retain the talent. The idea of a pension is the more time you invest in the company the more you earn. However, I tend to think that concept is lost on a lot of younger people. If a smaller independent is offering say 10% more in base salary but no pension, then most are bird in the hand and will chase the short-term gains. I get there are a lot of reasons to chase the base salary. But, looking back at almost 35 years in the industry and working for only two companies, I'm well-fortified by my time in grade. The 401k ebbs and flows with the market (if you've been faithful to it) but the pension is worriless and builds with nothing more than the time you've spent in service to that company.
It's a shame that the pension programs were often used as a cash cow for short sighted municipalities or wasteful (or even criminal) company managers. They are good programs typically. Just harder and harder to find.