Compiled 2026-09-26Data through 2025-12-312 min read
Dated source-based research · No live market data

Observation

Across 15 eligible energy companies, the equal-weight median operating cash-flow margin was 18.40% for the latest selected annual periods.

Data context

The eligible sample covers 15 of 15 selected companies. The latest selected annual periods span 2024-12-31 to 2025-12-31. Companies have different fiscal year ends. This is a cross-sectional research sample, not a calendar-year index or a representation of the full sector.

Company evidence

CVX 18.40% (period 2025-12-31); SHEL 16.06% (period 2025-12-31); COP 38.20% (period 2025-12-31); PBR 41.55% (period 2024-12-31); MPC 6.22% (period 2025-12-31); VLO 4.75% (period 2025-12-31); BP 12.72% (period 2025-12-31); PSX 3.75% (period 2025-12-31); EQNR 18.76% (period 2025-12-31); SLB 18.17% (period 2025-12-31); EOG 44.38% (period 2025-12-31); OXY 48.83% (period 2025-12-31); BKR 13.74% (period 2025-12-31); FANG 58.29% (period 2025-12-31); DVN 39.98% (period 2025-12-31).

Distribution

The sample range is 3.75% (PSX) to 58.29% (FANG). The median is computed across company ratios with equal weight; it is not a ratio of aggregate totals. Extreme values can reflect a small denominator or unusual accounting items.

Interpretation

Producers, refiners and service providers respond differently to commodity prices, project spending and capacity utilization. The numerator is operatingCashFlow; the denominator is revenue. Only positive denominators and disclosed numerators qualify. No missing value is replaced with zero.

What to watch

Realized prices, production volumes, refining economics and capital expenditure.

Research limitations

Commodity cycles, project execution, reserve replacement, environmental liabilities and geopolitical exposure. The sample uses a September 18, 2026 source snapshot. It does not establish current market conditions, causal drivers or future returns. Sector labels are editorial and the financial-sector cash-flow measures need particular caution.

Company-level observations · percent
CompanyValuePeriod end
CVX18.40%2025-12-31
SHEL16.06%2025-12-31
COP38.20%2025-12-31
PBR41.55%2024-12-31
MPC6.22%2025-12-31
VLO4.75%2025-12-31
BP12.72%2025-12-31
PSX3.75%2025-12-31
EQNR18.76%2025-12-31
SLB18.17%2025-12-31
EOG44.38%2025-12-31
OXY48.83%2025-12-31
BKR13.74%2025-12-31
FANG58.29%2025-12-31
DVN39.98%2025-12-31

Sources & dates