Compiled 2026-09-26Data through 2024-12-312 min read
Dated source-based research · No live market data

Observation

Across 15 eligible energy companies, the equal-weight median equity as a share of assets was 43.18% for the prior selected annual periods.

Data context

The eligible sample covers 15 of 15 selected companies. The prior selected annual periods span 2023-12-31 to 2024-12-31. 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 59.28% (period 2024-12-31); SHEL 46.00% (period 2024-12-31); COP 52.77% (period 2024-12-31); PBR 36.20% (period 2023-12-31); MPC 22.50% (period 2024-12-31); VLO 40.76% (period 2024-12-31); BP 20.99% (period 2024-12-31); PSX 37.76% (period 2024-12-31); EQNR 32.29% (period 2024-12-31); SLB 43.18% (period 2024-12-31); EOG 62.20% (period 2024-12-31); OXY 39.98% (period 2024-12-31); BKR 44.04% (period 2024-12-31); FANG 56.08% (period 2024-12-31); DVN 47.55% (period 2024-12-31).

Distribution

The sample range is 20.99% (BP) to 62.20% (EOG). 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 shareholdersEquity; the denominator is total assets. 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
CVX59.28%2024-12-31
SHEL46.00%2024-12-31
COP52.77%2024-12-31
PBR36.20%2023-12-31
MPC22.50%2024-12-31
VLO40.76%2024-12-31
BP20.99%2024-12-31
PSX37.76%2024-12-31
EQNR32.29%2024-12-31
SLB43.18%2024-12-31
EOG62.20%2024-12-31
OXY39.98%2024-12-31
BKR44.04%2024-12-31
FANG56.08%2024-12-31
DVN47.55%2024-12-31

Sources & dates