vincii we show the working

Energy dividend payout ratios

40 companies, computed from their own SEC filings. 23 of them answer differently by 20 points or more depending on which basis you divide by.

What ordinary looks like here

On the basis each company’s own filings make applicable, the median energy company pays out 34.6%. Half sit between 20.5% and 60.5%. Across all 532 companies here the median is 41.9% — 7.3 points less than the site as a whole.

Which basis applies, and to how many

Not a choice — it is what each company’s filings support.

Where the bases disagree most

The same dividend, a different answer. These are the widest gaps in energy.

Lowest payout

  1. Alpha Metallurgical Resources 2.3%
  2. Borr Drilling 2.9%
  3. EQT 13.7%
  4. Range Resources 14.5%
  5. SM Energy 16.1%

Highest payout

  1. Liberty Energy 386.2%
  2. CKX Lands 125.2%
  3. Core Natural Resources 124.1%
  4. Helmerich & Payne 86.4%
  5. Murphy Oil 82.0%

Common questions

What is a good dividend payout ratio for a energy company?

Measured on the basis its own filings support, the median here is 34.6%, with half between 20.5% and 60.5%. That is the empirical answer for this sector rather than a rule of thumb, and it is the only comparison that means anything — a figure that is ordinary in one sector is stretched in another.

Which measure should a energy company be judged on?

31 of the 34 measured here are read on free cash flow, because that is what their filings support. Each company’s page shows every basis it can be measured on and marks the one that applies.

Where do these numbers come from?

Each company’s own annual filing, read out of SEC XBRL. Every page names the accession number its figures came from and links it to EDGAR, so any figure here can be checked against the source.

All 40 companies

What a dividend payout ratio measures, and why one threshold does not fit every sector.

TickerCompanyBasisYieldSpreadRating
NOGNorthern Oil & GasFCF436.236
LBRTLiberty EnergyFCF377.30
CVICvr Energy239.325
MURMurphy OilFCF165.66
CNRCore Natural ResourcesFCF115.53
CKXCKX LandsFCF104.23
HPHelmerich & PayneFCF67.915
CVXChevronFCF65.622
FANGDiamondback EnergyFCF56.644
MTDRMatador ResourcesFCF53.813
OXYOccidental PetroleumFCF44.527
XOMExxon MobilFCF39.810
VLOValero EnergyFCF35.638
EOGEOG ResourcesFCF33.535
CHRDChord EnergyFCF30.349
COPConocophillipsOCF29.951
HALHalliburtonFCF25.547
EXEExpand EnergyFCF25.356
SLBSLB LimitedFCF22.845
CTRACoterra EnergyFCF22.464
CRCCalifornia ResourcesFCF22.044
MGYMagnolia Oil & GasFCF21.436
PTENPatterson Uti EnergyFCF20.245
APAAPAFCF17.169
OVVOvintivFCF16.755
MPCMarathon PetroleumFCF14.446
DVNDevon EnergyFCF14.274
DECDiversified EnergyFCF12.167
EQTEQTFCF11.763
SMSM EnergyFCF11.546
BORRBorr DrillingFCF9.987
NGSNatural Gas Services Group9.0
RRCRange ResourcesFCF7.268
PSXPhillips 66OCF5.39
AMRAlpha Metallurgical ResourcesFCF2.066
BRNBarnwell Industries
BTUPeabody Energy67
CODQLCoronado Global Resources53
EGYVaalco Energy12
VNOMViper EnergyOCF47