Observation
Across 10 eligible energy companies, the equal-weight median liabilities as a share of assets was 57.56% for the prior selected annual periods.
Data context
The eligible sample covers 10 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 40.39% (period 2024-12-31); SHEL 53.52% (period 2024-12-31); COP 47.23% (period 2024-12-31); PBR 63.62% (period 2023-12-31); MPC 68.92% (period 2024-12-31); BP 72.25% (period 2024-12-31); PSX 60.78% (period 2024-12-31); EQNR 67.68% (period 2024-12-31); SLB 54.33% (period 2024-12-31); FANG 40.76% (period 2024-12-31).
Distribution
The sample range is 40.39% (CVX) to 72.25% (BP). 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 totalLiabilities; 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 | Value | Period end |
|---|---|---|
| CVX | 40.39% | 2024-12-31 |
| SHEL | 53.52% | 2024-12-31 |
| COP | 47.23% | 2024-12-31 |
| PBR | 63.62% | 2023-12-31 |
| MPC | 68.92% | 2024-12-31 |
| BP | 72.25% | 2024-12-31 |
| PSX | 60.78% | 2024-12-31 |
| EQNR | 67.68% | 2024-12-31 |
| SLB | 54.33% | 2024-12-31 |
| FANG | 40.76% | 2024-12-31 |
Sources & dates
- CVX · period 2024-12-31 ↗Source date 2026-02-24
- SHEL · period 2024-12-31 ↗Source date 2026-03-12
- COP · period 2024-12-31 ↗Source date 2026-02-17
- PBR · period 2023-12-31 ↗Source date 2025-04-03
- MPC · period 2024-12-31 ↗Source date 2026-02-26
- BP · period 2024-12-31 ↗Source date 2026-03-06
- PSX · period 2024-12-31 ↗Source date 2026-02-20
- EQNR · period 2024-12-31 ↗Source date 2026-03-19
- SLB · period 2024-12-31 ↗Source date 2026-01-23
- FANG · period 2024-12-31 ↗Source date 2026-02-25