The Idiot Index

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Sector
Shareholder ExtractionApplied 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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Shareholder Extraction in Energy · FY 2023

7 of 38 companies · highest first
  1. 1
    COPConocoPhillips
    $96.48 to shareholders for every $1 in R&D
    sector median 17.89Top 7%
    96.48
    × buybacks+dividends / R&D
  2. 2
    CVXChevron
    $43.14 to shareholders for every $1 in R&D
    sector median 17.89Top 21%
    43.14
    × buybacks+dividends / R&D
  3. 3
    PSXPhillips 66
    $33.72 to shareholders for every $1 in R&D
    sector median 17.89Median range
    33.72
    × buybacks+dividends / R&D
  4. 4
    XOMExxonMobil
    $17.89 to shareholders for every $1 in R&D
    sector median 17.89Median range
    17.89
    × buybacks+dividends / R&D
  5. 5
    SLBSchlumberger
    $2.51 to shareholders for every $1 in R&D
    sector median 17.89Median range
    2.5144
    × buybacks+dividends / R&D
  6. 6
    BKRBaker Hughes
    $2.09 to shareholders for every $1 in R&D
    sector median 17.89Bottom 21%
    2.0854
    × buybacks+dividends / R&D
  7. 7
    HALHalliburton
    $0.50 to shareholders per $1 in R&D — net reinvesting
    sector median 17.89Bottom 7%
    0.5016
    × buybacks+dividends / R&D

Not yet covered (31)

These companies are in the Energy cohort but don't have a Shareholder Extraction 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 →

Dollars sent to shareholders for every dollar invested in R&D.

Ratio
Shareholder Extraction
Sector
Energy
Methodology version
v1.0.0
Formula
(Buybacks + Dividends) / R&DExpense
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.

Whether the company invests in future productive capacity or extracts current value to shareholders. A ratio above 3.0 typically indicates an extraction-dominant capital allocation policy. A ratio below 1.0 indicates the company is investing more in its future than returning to shareholders.

Source data: PaymentsForRepurchaseOfCommonStock, PaymentsOfDividends, ResearchAndDevelopmentExpense (us-gaap) or equivalents in IFRS.