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.
- Northern Oil & Gas (NOG) 436.2 pts
- Liberty Energy (LBRT) 377.3 pts
- Cvr Energy (CVI) 239.3 pts
- Murphy Oil (MUR) 165.6 pts
- Core Natural Resources (CNR) 115.5 pts
Lowest payout
- Alpha Metallurgical Resources 2.3%
- Borr Drilling 2.9%
- EQT 13.7%
- Range Resources 14.5%
- SM Energy 16.1%
Highest payout
- Liberty Energy 386.2%
- CKX Lands 125.2%
- Core Natural Resources 124.1%
- Helmerich & Payne 86.4%
- 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.
| Ticker | Company | Basis | Yield | Spread | Rating |
|---|---|---|---|---|---|
| NOG | Northern Oil & Gas | FCF | — | 436.2 | 36 |
| LBRT | Liberty Energy | FCF | — | 377.3 | 0 |
| CVI | Cvr Energy | — | — | 239.3 | 25 |
| MUR | Murphy Oil | FCF | — | 165.6 | 6 |
| CNR | Core Natural Resources | FCF | — | 115.5 | 3 |
| CKX | CKX Lands | FCF | — | 104.2 | 3 |
| HP | Helmerich & Payne | FCF | — | 67.9 | 15 |
| CVX | Chevron | FCF | — | 65.6 | 22 |
| FANG | Diamondback Energy | FCF | — | 56.6 | 44 |
| MTDR | Matador Resources | FCF | — | 53.8 | 13 |
| OXY | Occidental Petroleum | FCF | — | 44.5 | 27 |
| XOM | Exxon Mobil | FCF | — | 39.8 | 10 |
| VLO | Valero Energy | FCF | — | 35.6 | 38 |
| EOG | EOG Resources | FCF | — | 33.5 | 35 |
| CHRD | Chord Energy | FCF | — | 30.3 | 49 |
| COP | Conocophillips | OCF | — | 29.9 | 51 |
| HAL | Halliburton | FCF | — | 25.5 | 47 |
| EXE | Expand Energy | FCF | — | 25.3 | 56 |
| SLB | SLB Limited | FCF | — | 22.8 | 45 |
| CTRA | Coterra Energy | FCF | — | 22.4 | 64 |
| CRC | California Resources | FCF | — | 22.0 | 44 |
| MGY | Magnolia Oil & Gas | FCF | — | 21.4 | 36 |
| PTEN | Patterson Uti Energy | FCF | — | 20.2 | 45 |
| APA | APA | FCF | — | 17.1 | 69 |
| OVV | Ovintiv | FCF | — | 16.7 | 55 |
| MPC | Marathon Petroleum | FCF | — | 14.4 | 46 |
| DVN | Devon Energy | FCF | — | 14.2 | 74 |
| DEC | Diversified Energy | FCF | — | 12.1 | 67 |
| EQT | EQT | FCF | — | 11.7 | 63 |
| SM | SM Energy | FCF | — | 11.5 | 46 |
| BORR | Borr Drilling | FCF | — | 9.9 | 87 |
| NGS | Natural Gas Services Group | — | — | 9.0 | — |
| RRC | Range Resources | FCF | — | 7.2 | 68 |
| PSX | Phillips 66 | OCF | — | 5.3 | 9 |
| AMR | Alpha Metallurgical Resources | FCF | — | 2.0 | 66 |
| BRN | Barnwell Industries | — | — | — | — |
| BTU | Peabody Energy | — | — | — | 67 |
| CODQL | Coronado Global Resources | — | — | — | 53 |
| EGY | Vaalco Energy | — | — | — | 12 |
| VNOM | Viper Energy | OCF | — | — | 47 |