Historical source-based research. Compilation date and financial period are different dates.
Observation
Across 10 eligible energy companies, the equal-weight median net margin was 8.06% for the latest selected annual periods.
Data context
The eligible sample covers 10 of 10 selected companies. The latest selected annual periods span 2025-12-31 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 6.67% (period 2025-12-31); SHEL 6.79% (period 2025-12-31); COP 15.41% (period 2025-12-31); MPC 3.05% (period 2025-12-31); VLO 1.91% (period 2025-12-31); PSX 3.33% (period 2025-12-31); SLB 9.45% (period 2025-12-31); EOG 22.00% (period 2025-12-31); OXY 10.98% (period 2025-12-31); BKR 9.33% (period 2025-12-31).
Distribution
The sample range is 1.91% (VLO) to 22.00% (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 netIncome; 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 | Value | Period end |
|---|---|---|
| CVX | 6.67% | 2025-12-31 |
| SHEL | 6.79% | 2025-12-31 |
| COP | 15.41% | 2025-12-31 |
| MPC | 3.05% | 2025-12-31 |
| VLO | 1.91% | 2025-12-31 |
| PSX | 3.33% | 2025-12-31 |
| SLB | 9.45% | 2025-12-31 |
| EOG | 22.00% | 2025-12-31 |
| OXY | 10.98% | 2025-12-31 |
| BKR | 9.33% | 2025-12-31 |
Sources & dates
- CVX · period 2025-12-31 ↗Source date 2026-02-24
- SHEL · period 2025-12-31 ↗Source date 2026-03-12
- COP · period 2025-12-31 ↗Source date 2026-02-17
- MPC · period 2025-12-31 ↗Source date 2026-02-26
- VLO · period 2025-12-31 ↗Source date 2026-02-25
- PSX · period 2025-12-31 ↗Source date 2026-02-20
- SLB · period 2025-12-31 ↗Source date 2026-01-23
- EOG · period 2025-12-31 ↗Source date 2026-02-24
- OXY · period 2025-12-31 ↗Source date 2026-02-18
- BKR · period 2025-12-31 ↗Source date 2026-02-05