Observation
Across 8 eligible energy companies, the equal-weight median operating margin was 20.44% for the prior selected annual periods.
Data context
The eligible sample covers 8 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
PBR 37.14% (period 2023-12-31); MPC 4.89% (period 2024-12-31); VLO 2.89% (period 2024-12-31); BP 5.80% (period 2024-12-31); EQNR 29.80% (period 2024-12-31); EOG 34.10% (period 2024-12-31); BKR 11.07% (period 2024-12-31); FANG 39.73% (period 2024-12-31).
Distribution
The sample range is 2.89% (VLO) to 39.73% (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 operatingIncome; 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 |
|---|---|---|
| PBR | 37.14% | 2023-12-31 |
| MPC | 4.89% | 2024-12-31 |
| VLO | 2.89% | 2024-12-31 |
| BP | 5.80% | 2024-12-31 |
| EQNR | 29.80% | 2024-12-31 |
| EOG | 34.10% | 2024-12-31 |
| BKR | 11.07% | 2024-12-31 |
| FANG | 39.73% | 2024-12-31 |
Sources & dates
- PBR · period 2023-12-31 ↗Source date 2025-04-03
- MPC · period 2024-12-31 ↗Source date 2026-02-26
- VLO · period 2024-12-31 ↗Source date 2026-02-25
- BP · period 2024-12-31 ↗Source date 2026-03-06
- EQNR · period 2024-12-31 ↗Source date 2026-03-19
- EOG · period 2024-12-31 ↗Source date 2026-02-24
- BKR · period 2024-12-31 ↗Source date 2026-02-05
- FANG · period 2024-12-31 ↗Source date 2026-02-25