The Idiot Index

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Sector
Operational MarkupApplied to integrated oil, gas, and energy producers. COGS captures upstream extraction and downstream refining/distribution. Markup ratios in this sector are highly cyclical with commodity prices; sector medians normalize across cycles, so the composite z-score is more stable…
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Operational Markup in Energy · FY 2023

11 of 38 companies · highest first
  1. 1
    MTDRMatador Resources
    $1 of cost+opex becomes $2.14 of revenue
    sector median 1.1861Top 5%
    2.1405
    × revenue / (cost + opex)
  2. 2
    COPConocoPhillips
    $1 of cost+opex becomes $1.72 of revenue
    sector median 1.1861Top 14%
    1.7173
    × revenue / (cost + opex)
  3. 3
    EQTEQT
    $1 of cost+opex becomes $1.54 of revenue
    sector median 1.1861Top 23%
    1.5374
    × revenue / (cost + opex)
  4. 4
    RRCRange Resources
    $1 of cost+opex becomes $1.42 of revenue
    sector median 1.1861Median range
    1.4162
    × revenue / (cost + opex)
  5. 5
    MURMurphy Oil
    $1 of cost+opex becomes $1.39 of revenue
    sector median 1.1861Median range
    1.3882
    × revenue / (cost + opex)
  6. 6
    NOGNorthern Oil & Gas
    $1 of cost+opex becomes $1.19 of revenue
    sector median 1.1861Median range
    1.1861
    × revenue / (cost + opex)
  7. 7
    TRGPTarga Resources
    $1 of cost+opex becomes $1.15 of revenue
    sector median 1.1861Median range
    1.1503
    × revenue / (cost + opex)
  8. 8
    CVXChevron
    $1 of cost+opex becomes $1.10 of revenue
    sector median 1.1861Median range
    1.1050
    × revenue / (cost + opex)
  9. 9
    PSXPhillips 66
    $1 of cost+opex becomes $1.07 of revenue
    sector median 1.1861Bottom 23%
    1.0730
    × revenue / (cost + opex)
  10. 10
    MPCMarathon Petroleum
    $1 of cost+opex becomes $1.03 of revenue
    sector median 1.1861Bottom 14%
    1.0287
    × revenue / (cost + opex)

Not yet covered (27)

These companies are in the Energy cohort but don't have a Operational Markup computed for FY 2023. Either the underlying inputs aren't tagged in their XBRL filings, the DEF 14A pay-ratio narrative didn't parse cleanly, or this fiscal year hasn't been ingested for them yet.

What this measures

Full methodology →

Revenue per dollar of cost + operating expenses. The multiplier after legitimate operations.

Ratio
Operational Markup
Sector
Energy
Methodology version
v1.0.0
Formula
Revenue / (COGS + OperatingExpenses)
Sector context

Applied to integrated oil, gas, and energy producers. COGS captures upstream extraction and downstream refining/distribution. Markup ratios in this sector are highly cyclical with commodity prices; sector medians normalize across cycles, so the composite z-score is more stable than any single-year ratio.

The multiplier after legitimate operations. A high Markup combined with a low Operational Markup tells a specific story: surplus is being reinvested in the business. A high Markup combined with a high Operational Markup tells the opposite story: surplus is going to shareholders.

Source data: Revenues, CostOfGoodsAndServicesSold, OperatingExpenses (us-gaap) or equivalents in IFRS.